Midwest Manufacturing Output Posts Sharp Drop in September

The Chicago Fed Midwest Manufacturing Index (CFMMI) fell 1.9% from August to September, reaching a seasonally adjusted level of 148.6 (1992=100). Revised data show the index was at 151.5 in August and declined 1.3% from July. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) fell by 1.1% in September after decreasing 0.9% in August. September output in the region was 12.9% lower than a year earlier, while output in the nation was down 6.7%. The loss of manufacturing output in the Midwest from the prior year was the largest since July 1980.