In addition to the Bureau of Economic Analysis’ Personal Income and Outlays Report, today also marked the release of the Chicago Fed’s manufacturing report. Like the Industrial Production Index (IPMFG) compiled by the Federal Reserve Board, the Chicago Fed Midwest Manufacturing Index (CFMMI) uses hours worked data to measure industry output for about 60% of its total production index, but instead reports regional data to compare to the national data.
The CFMMI is a monthly estimate of manufacturing output in the Seventh Federal Reserve District states of Illinois, Indiana, Iowa, Michigan and Wisconsin. It is a composite index of 15 manufacturing industries.
The CFMMI increased by 0.6% in May, to a seasonally adjusted level of 84.0, a slight improvement over April’s 0.9% decrease to 83.6, though still well below the 2007 level of 100.
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