Auto Sector Puts the Pedal to the Metal for Midwest Manufacturing in August
The Chicago Fed Midwest Manufacturing Index (CFMMI) rose 3.5% from July to August, to a level of 125.9 (1992=100); revised data show the index fell 2.1% in July. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) rose 2.0% in August after dropping 0.4% in July. Output in the region was 2.2% above a year ago in August while the nation’s output was up 3.2%. The August increase in the CFMMI was the largest month-to-month gain in 16 years.