Chicago Fed Midwest Manufacturing Index for September (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 0.4% in September, to a seasonally adjusted level of 93.4 (2007 = 100). Revised data show the index was down 1.8% in August. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) increased 0.2% in September. Regional output rose 8.5% in September from a year earlier, and national output increased 3.5%.
Production in three of the four regional sectors decreased in September:
• Regional auto sector production declined 2.2%; • Regional machinery sector production decreased 0.3%; • Regional steel sector output moved down 0.1%; and • Regional resource sector output increased 0.9%.
The region’s auto sector production declined 2.2% in September after decreasing 5.3% in August. National auto output moved down 0.5% in September. The Midwest’s automotive output was up 16.4% in September relative to its year-ago level, and national automotive output was up 9.4%.
The Midwest’s machinery sector production decreased 0.3% in September after moving down 0.2% in August. By contrast, the nation’s machinery production increased 0.3% in September. Regional machinery output was up 8.1% in September from its year-ago level, and national machinery output was up 3.7%. The region’s steel sector output moved down 0.1% in September, following a 0.9% decrease in the previous month. The nation’s steel output was unchanged in September. Regional steel output was up 8.1% from its September 2011 level, and national steel output was up 5.5%.
The Midwest resource sector’s output increased 0.9% in September after it was unchanged in August. The national resource sector’s output was up 0.5% in September. Production in all five of the regional resource sector’s subsectors (food, wood, paper, chemical, and nonmetallic mineral) increased from August to September. Compared with a year ago, regional resource output was up 2.6% in September, and national resource output was up 1.2%.