The Chicago Fed Midwest Manufacturing Index, referred to as the CFMMI, is not coming in negative like so many manufacturing reports we have been seeing of late. The index rose by about 1.1% in the month of June when so many regions were ticking into the red or just about to. This is far from any major growth, but it still supports why GDP was positive a bit more than expected last week.
The reading came to a seasonally adjusted level of 94.1, with the year 2007 equating 100. Unfortunately, the revised data put the index down at -1.4% for the month of May.
The Federal Reserve Board’s industrial production index for manufacturing increased by 0.7% in the month of June. Where the report gets interesting is that regional output was said to have risen by some 11.0% in June when compared to the same month in 2011. Also the report on its national output increased 5.6% in June from the same month a year earlier.
Nothing here shows blistering growth, but it is not in the red.
JON C. OGG