Midwest Manufacturing Index Reaches New High – For Fourth Straight Month
The Chicago Fed Midwest Manufacturing Index (CFMMI) reached a record high of 127.6 (1992=100) in January. The index increased 0.6% from December to January, following a strong revised 1.1% increase in December. By comparison, the Federal Reserve Board’s industrial production index for manufacturing (IP-MFG) also set a record high of 131.2 in January, representing a 0.3% increase following a 0.4% increase in December. This marked the second consecutive month that the regional manufacturing index posted stronger month-to-month growth than the national index. In January, output in the region was 6.6% above a year ago while the nation was up 6.3%.