The Chicago Fed Midwest Manufacturing Index (CFMMI) fell 0.5% from April to May, reaching a seasonally adjusted level of 97.3 (1997=100). Revised data show the index was at 97.9 in April, down 1.0% from March. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) rose 0.2% in May, after falling 0.7% in April. May output in the region was 4.3% below a year earlier, while output in the nation was 1.3% lower.