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Chicago Fed Midwest Manufacturing Index for October (Text)

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Nov. 27 (Bloomberg) -- 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) decreased 1.2% in October, to a seasonally adjusted level of 92.1 (2007 = 100). Revised data show the index was down 0.6% in September. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved down 0.8% in October. Regional output rose 5.9% in October from a year earlier, and national output increased 2.0%.

Production in three of the four regional sectors decreased in October:

Regional machinery sector production declined 2.5%; Regional resource sector output decreased 1.9%; Regional steel sector output moved down 0.5%; and Regional auto sector production was unchanged.

The Midwest’s machinery sector production declined 2.5% in October after moving down 0.2% in September. The nation’s machinery production decreased 1.0% in October. Regional machinery output was up 4.7% in October from its year-ago level, and national machinery output was up 2.6%.

The Midwest resource sector’s output decreased 1.9% in October after increasing 0.6% in September. The national resource sector’s output was down 1.1% in October. Production in the regional resource sector’s food, paper, chemical, and nonmetallic mineral subsectors decreased from September to October, while production in its wood subsector increased. Compared with a year ago, regional resource output was down 0.1% in October, while national resource output was up 0.1%.

The region’s steel sector output moved down 0.5% in October, following a 1.2% decrease in the previous month. The nation’s steel output was down 0.5% in October. Regional steel output was up 6.5% from its October 2011 level, and national steel output was up 2.6%.

The region’s auto sector production was unchanged in October after decreasing 1.8% in September. National auto production moved down 0.1% in October. The Midwest’s automotive output was up 13.5% in October relative to its year-ago level, and national automotive output was up 6.5%.

SOURCE: Federal Reserve Bank of Chicago {FRCH <GO>}

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