The Chicago Fed Midwest Manufacturing Index (CFMMI) declined 5.9% in January, to a seasonally adjusted level of 85.6 (2002 = 100). Revised data show the index decreased 3.9% in December, to 91.0. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) fell 2.6% in January. Regional output in January was down 21.8% from a year earlier— lower than the 13.0% decrease in national output.