The Federal Reserve Bank of Chicago reported today that its newly revised and updated Chicago Fed Midwest Manufacturing Index (CFMMI) surged to a record high in July. Led by auto production, the CFMMI posted a solid gain of 0.5 percent in July, nearly twice the national rate as measured by the manufacturing component of the Federal Reserve Board’s U.S. Industrial Production Index (IPMFG). July’s performance marked the third solid gain in the CFMMI since its sharp rebound from the General Motors strike in March, and the third time in the last four months that the Chicago Fed Index has outpaced the nation.