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 0.7% in December, to a seasonally adjusted level of 94.7 (2007 = 100). Revised data show the index was up 2.0% in November. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved up 0.8% in December. Regional output rose 6.2% in December from a year earlier, and national output increased 2.7%. Production in two of the four regional sectors increased in December:
• Regional auto sector production rose 1.5%;
• Regional steel sector output improved 0.7%;
• Regional resource sector output moved down 0.1%; and
• Regional machinery sector production decreased 0.3%. The region’s auto sector production rose 1.5% in December after increasing 4.0% in November. National auto production increased 1.3% in December. The Midwest’s automotive output was up 16.8% in December relative to its year-ago level, and national automotive output was up 10.2%. The region’s steel sector output improved 0.7% in December, following a gain of 1.6% in the previous month. The nation’s steel output was up 1.0% in December. Regional steel output was up 3.3% from its December 2011 level, and national steel output was up 1.6%. The Midwest resource sector’s output moved down 0.1% in December after moving up 0.8% in November. The national resource sector’s output was up 0.3% in December. Production in the regional resource sector’s food, wood, and paper subsectors decreased from November to December, while production in its chemical and nonmetallic mineral subsectors increased. Compared with a year ago, regional resource output was up 0.4% in December, while national resource output was up 0.1%. The Midwest’s machinery sector production decreased 0.3% in December after increasing 0.8% in November. The nation’s machinery production increased 0.8% in December. Regional machinery output was up 1.0% in December from its year-ago level, and national machinery output was up 1.7%.