by Bespoke Investment Group
After a couple of months of what seems like never ending bad news in the US manufacturing sector, today there was a small bright spot from the Chicago Fed Midwest Manufacturing Index (CFMMI). According to the Chicago Fed's description, the CFMMI is a "monthly estimate by major industry 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 that uses hours worked data to measure monthly changes in regional activity."
After a modest decline in April, the CFMMI rebounded in May to an overall level of 84, which is the second highest reading in more than two years. As shown in the charts below, along with the overall index, the subcompnents of Autos, Steel, and Machinery all saw increases in the month. Granted, the CFMMI is not the most widely followed indicator out there, but at this point, economic bulls will take what they can get.
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