Midwest Harder Hit by Manufacturing Decline
Although manufacturing continues to fall in both the nation and the Midwest, the Midwest is absorbing the brunt of the slowdown, according to the Chicago Fed Midwest Manufacturing Index (CFMMI). The CFMMI dropped 1.9% from May to June, reaching a seasonally adjusted level of 153.5 (1992=100). Revised data show the index was at 156.4 in May and had risen 0.2% from April. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) fell 0.8% in June after falling 0.5% in May. June output in the region was 9.4% lower than a year earlier, while output in the nation was 4.2% lower. The region’s decline from a year earlier was the largest since March 1991.