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Chicago Fed Midwest Manufacturing Index for July (Text)

Aug. 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 0.1% in July, to a seasonally adjusted level of 95.8 (2007 = 100). Revised data show the index was up 0.4% in June. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved down 0.1% in July. Regional output rose 1.6% in July from a year earlier, and national output increased 1.5%.

Production in two of the four regional sectors decreased in July:

Regional auto sector production decreased 0.4%;

Regional machinery sector production moved down 0.3%;

Regional resource sector output was unchanged; and

Regional steel sector output rose 1.5%.

The region’s auto sector production decreased 0.4% in July after increasing 0.5% in June. The nation’s auto production decreased 0.4% in July. Midwest automotive output was up 1.9% in July relative to its year-ago level, and national automotive output was up 2.1%.

The Midwest’s machinery sector production moved down 0.3% in July after increasing 0.5% in June. The nation’s machinery production decreased 0.4% in July. Regional machinery output was up 0.3% in July from its year-ago level, while national machinery output was up 1.8%.

The Midwest resource sector’s output was unchanged in July after moving up 0.3% in June. The national resource sector’s output moved down 0.1% in July. Production in the regional resource sector’s wood, paper, chemical, and nonmetallic mineral subsectors decreased from June to July, while production in its food subsector increased. Compared with a year ago, regional resource output was up 1.3% in July, and national resource output was up 0.9%.

The region’s steel sector output rose 1.5% in July after it was unchanged in June. The nation’s steel output grew 1.0% in July. Regional steel output was up 1.6% from its July 2012 level, and national steel output was up 0.5%.

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

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