Chicago Fed Midwest Manufacturing Index for October (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 October, to a seasonally adjusted level of 92.1 (2007 = 100). Revised data show the index was down 0.6% in September. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved down 0.8% in October. Regional output rose 5.9% in October from a year earlier, and national output increased 2.0%.
Production in three of the four regional sectors decreased in October:
Regional machinery sector production declined 2.5%; Regional resource sector output decreased 1.9%; Regional steel sector output moved down 0.5%; and Regional auto sector production was unchanged.
The Midwest’s machinery sector production declined 2.5% in October after moving down 0.2% in September. The nation’s machinery production decreased 1.0% in October. Regional machinery output was up 4.7% in October from its year-ago level, and national machinery output was up 2.6%.
The Midwest resource sector’s output decreased 1.9% in October after increasing 0.6% in September. The national resource sector’s output was down 1.1% in October. Production in the regional resource sector’s food, paper, chemical, and nonmetallic mineral subsectors decreased from September to October, while production in its wood subsector increased. Compared with a year ago, regional resource output was down 0.1% in October, while national resource output was up 0.1%.
The region’s steel sector output moved down 0.5% in October, following a 1.2% decrease in the previous month. The nation’s steel output was down 0.5% in October. Regional steel output was up 6.5% from its October 2011 level, and national steel output was up 2.6%.
The region’s auto sector production was unchanged in October after decreasing 1.8% in September. National auto production moved down 0.1% in October. The Midwest’s automotive output was up 13.5% in October relative to its year-ago level, and national automotive output was up 6.5%.