Chicago Fed Midwest Manufacturing Index for November (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) increased 1.6% in November, to a seasonally adjusted level of 93.7 (2007 = 100). Revised data show the index was down 1.1% in October. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved up 1.1% in November. Regional output rose 7.3% in November from a year earlier, and national output increased 3.1%.
Production in all four of the regional sectors increased in November:
Regional auto sector production rose 3.6%;
Regional steel sector output increased 0.9%;
Regional resource sector output improved 0.7%; and
Regional machinery sector production moved up 0.2%.
The region’s auto sector production rose 3.6% in November after moving up 0.1% in October. National auto production increased 2.4% in November. The Midwest’s automotive output was up 17.9% in November relative to its year-ago level, and national automotive output was up 9.2%.
The region’s steel sector output increased 0.9% in November, following a 0.8% decrease in the previous month. The nation’s steel output was up 1.8% in November. Regional steel output was up 4.0% from its November 2011 level, and national steel output was up 2.0%.
The Midwest resource sector’s output improved 0.7% in November after declining 1.6% in October. The national resource sector’s output was up 0.2% in November. Production in the regional resource sector’s food, wood, paper, and nonmetallic mineral subsectors increased from October to November, while production in its chemical subsector decreased. Compared with a year ago, regional resource output was up 1.9% in November, while national resource output was up 1.3%.
The Midwest’s machinery sector production moved up 0.2% in November after decreasing 2.5% in October. The nation’s machinery production increased 0.3% in November. Regional machinery output was up 3.4% in November from its year-ago level, and national machinery output was up 2.5%.