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Chicago Fed Letter, January 1997
Midwest Manufacturing Changed Little in January

The Chicago Fed’s Midwest Manufacturing Index was virtually flat in January,
after hitting a record high in December. January’s slight decline of 0.1 percent is
likely to be little more than a temporary pause, given the recent spate of positive
economic reports. Growth in the Chicago Fed Index was consistent with the
national experience. The manufacturing component of the Federal Reserve
Board’s industrial production index posted a modest decline of 0.2 percent.

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Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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