The Chicago Fed Midwest Manufacturing Index (CFMMI) declined 3.1% in May, to a seasonally
adjusted level of 78.2 (2002 = 100). Revised data show the index was down 1.4% in April, to
80.7. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG)
was down 1.0% in May. Regional output in May declined 24.4% from a year earlier—lower
than the 15.2% decrease in national output.