Following is the text of the Chicago Fed’s Midwest Manufacturing Index from the Federal Reserve Bank of Chicago.
The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 1.6% in November, to a seasonally adjusted level of 93.7 (2007 = 100). Revised data show the index was down 1.1% in October. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved up 1.1% in November. Regional output rose 7.3% in November from a year earlier, and national output increased 3.1%.
Production in all four of the regional sectors increased in November:
Regional auto sector production rose 3.6%;
Regional steel sector output increased 0.9%;
Regional resource sector output improved 0.7%; and
Regional machinery sector production moved up 0.2%.
The region’s auto sector production rose 3.6% in November after moving up 0.1% in October. National auto production increased 2.4% in November. The Midwest’s automotive output was up 17.9% in November relative to its year-ago level, and national automotive output was up 9.2%.
The region’s steel sector output increased 0.9% in November, following a 0.8% decrease in the previous month. The nation’s steel output was up 1.8% in November. Regional steel output was up 4.0% from its November 2011 level, and national steel output was up 2.0%.
The Midwest resource sector’s output improved 0.7% in November after declining 1.6% in October. The national resource sector’s output was up 0.2% in November. Production in the regional resource sector’s food, wood, paper, and nonmetallic mineral subsectors increased from October to November, while production in its chemical subsector decreased. Compared with a year ago, regional resource output was up 1.9% in November, while national resource output was up 1.3%.
The Midwest’s machinery sector production moved up 0.2% in November after decreasing 2.5% in October. The nation’s machinery production increased 0.3% in November. Regional machinery output was up 3.4% in November from its year-ago level, and national machinery output was up 2.5%.