Chicago Fed Midwest Manufacturing Index for December (Text)

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%.

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