Understanding the (relative) fall and rise of construction wages

Tracking Midwest manufacturing activity

Manufacturing output indexes
(1992=100)

April Month ago Year ago

CFMMI      163.9     163.2      152.3

IP           149.5      148.3       140.2

Motor vehicle production
(millions, seasonally adj. annual rate)

June Month ago Year ago

Cars          5.7        5.8         5.5

Light trucks    7.1          7.2           7.1

Purchasing managers’ surveys:
net % reporting production growth

May Month ago Year ago

MW        55.2      59.3       60.9

U.S.         56.3       58.2        58.7

Light truck production decreased slightly from 7.2 million units in May to 7.1
million units in June. Car production remained constant at 5.8 million units
in May and 5.7 million units in June.

The Chicago Fed Midwest Manufacturing Index (CFMMI) rose 0.4% from
March to April, reaching a seasonally adjusted level of 163.9 (1992=100). Revised
data show the index was at 163.2 in March, and had risen 1.1% from February.
In comparison, the Federal Reserve Board’s Industrial Production Index for
manufacturing (IP) increased 0.8% in April, after rising 0.9% in March. The
Midwest purchasing managers’ composite index (a weighted average of the
Chicago, Detroit, and Milwaukee surveys) for production decreased to 55.2%
in May from 59.3% in April. The purchasing managers’ index decreased in
Chicago and Milwaukee, but increased slightly in Detroit.

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