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Chicago Fed Midwest Manufacturing Index for January (Text)

March 25 (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) increased 0.1% in January, to a seasonally adjusted level of 97.0 (2007 = 100). Revised data show the index was up 1.9% in December. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved down 0.3% in January. Regional output rose 6.4% in January from a year earlier, and national output increased 2.4%.

Production in two of the four regional sectors increased in January: Regional auto sector production rose 0.7%; Regional machinery sector production improved 0.4%; Regional resource sector output moved down 0.3%; and Regional steel sector output declined 0.5%.

The region’s auto sector production rose 0.7% in January after increasing 3.1% in December. National auto production decreased 1.3% in January. The Midwest’s automotive output was up 15.2% in January relative to its year-ago level, and national automotive output was up 6.2%.

The Midwest’s machinery sector production improved 0.4% in January after increasing 0.7% in December. The nation’s machinery production decreased 0.1% in January. Regional machinery output was up 2.8% in January from its year-ago level, and national machinery output was up 1.6%.

The Midwest resource sector’s output moved down 0.3% in January after moving up 1.8% in December. The national resource sector’s output was down 0.2% in January. Production in the regional resource sector’s wood, paper, chemical, and nonmetallic mineral subsectors decreased from December to January, while production in its food subsector increased. Compared with a year ago, regional resource output was up 1.5% in January, and national resource output was up 1.1%.

The region’s steel sector output declined 0.5% in January, following a gain of 1.4% in the previous month. The nation’s steel output was unchanged in January. Regional steel output was up 3.1% from its January 2012 level, and national steel output was up 1.9%.

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

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