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 1.5% in August, to a seasonally adjusted level of 96.7 (2007 = 100). Revised data show the index was down 0.7% in July. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved up 0.7% in August. Regional output rose 4.0% in August from a year earlier, and national output increased 2.8%.
Production in three of the four regional sectors increased in August:
Regional auto sector production rose 4.1%;
Regional machinery sector production increased 0.8%;
Regional resource sector output moved up 0.4%; and
Regional steel sector output moved down 0.1%. The region’s auto sector production rose 4.1% in August after falling 2.8% in July. The nation’s auto production increased 2.4% in August. Midwest automotive output was up 8.4% in August relative to its year-ago level, and national automotive output was up 4.8%.
The Midwest’s machinery sector production increased 0.8% in August after decreasing 0.4% in July. The nation’s machinery production increased 1.2% in August. Regional machinery output was up 1.5% in August from its year-ago level, while national machinery output was up 4.8%. The Midwest resource sector’s output moved up 0.4% in August after increasing by the same percentage in July. The national resource sector’s output moved up 0.2% in August. Production in the regional resource sector’s food, wood, paper, and nonmetallic mineral subsectors increased from July to August, while production in its chemical subsector decreased. Compared with a year ago, regional resource output was up 1.9% in August, and national resource output was up 1.2%.
The region’s steel sector output moved down 0.1% in August, following an increase of 1.3% in July. The nation’s steel output moved up 0.1% in August. Regional steel output was up 2.2% from its August 2012 level, and national steel output was up 1.6%.