The Chicago Fed Midwest Manufacturing Index (CFMMI) fell 2.6% from June to July to a level of 121.2 (1992=100); revised data show the index down 1.7% in June. The Federal Reserve Board’s industrial production index for manufacturing (IP-MFG) fell 0.7% in July after dropping 1.2% in June. Output in the region was 1.4% below a year ago in July while the nation’s output was up 1.8%. This was the first month since March 1996 that the CFMMI was below its year-ago level.