The Chicago Fed Midwest Manufacturing Index (CFMMI) declined 3.6% in December, to a seasonally adjusted level of 92.2 (2002 = 100). Revised data show the index decreased 2.3% in November, to 95.7. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) fell 2.3% in December. Regional output in December was down 14.8% from a year earlier—lower than the 10.0% decrease in national output.