Chicago Fed Midwest Manufacturing Index for August (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) decreased 1.2% in August, to a seasonally adjusted level of 94.1 (2007 = 100). Revised data show the index was up 1.5% in July. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) decreased 0.7% in August. Regional output rose 10.1% in August from a year earlier, and national output increased 4.0%.
Production in two of the four regional sectors decreased in August:
Regional auto sector production declined 4.0%;
Regional steel sector output decreased 0.5%;
Regional resource sector output moved up 0.1%; and
Regional machinery sector production increased 0.1%.
The region’s auto sector production declined 4.0% in August after increasing 5.5% in July. National auto output moved down 2.3% in August. The Midwest’s automotive output was up 21.7% in August relative to its year-ago level, and national automotive output was up 11.4%.
The region’s steel sector output decreased 0.5% in August, following an improvement of 0.4% in the previous month. The nation’s steel output decreased 0.3% in August. Regional steel output was up 8.6% from its August 2011 level, and national steel output was up 5.3%.
The Midwest resource sector’s output moved up 0.1% in August after increasing 0.4% in July. The national resource sector’s output was unchanged in August. Production in the regional resource sector’s food subsector increased from July to August, while production in its paper, chemical, and nonmetallic mineral subsectors decreased; output from its wood subsector was unchanged. Compared with a year ago, regional resource output was up 2.1% in August, and national resource output was up 1.0%.
The Midwest’s machinery sector production increased 0.1% in August after decreasing 1.7% in July. By contrast, the nation’s machinery production decreased 0.7% in August. Regional machinery output was up 9.4% in August from its year-ago level, and national machinery output was up 4.8%.