The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 2.6% in July, to a seasonally adjusted level of 79.7 (2002 = 100), its fi rst increase in over a year and highest since September 2003. Revised data show the index edged down 0.3% in June, to 77.7. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) was up 1.1% in July. Regional output in July declined 22.8% from a year earlier—more of a decline than the 14.3% decrease in national output.