Chicago Fed Midwest Manufacturing Index for January (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 0.1% in January, to a seasonally adjusted level of 97.0 (2007 = 100). Revised data show the index was up 1.9% in December. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved down 0.3% in January. Regional output rose 6.4% in January from a year earlier, and national output increased 2.4%.
Production in two of the four regional sectors increased in January:
Regional auto sector production rose 0.7%;
Regional machinery sector production improved 0.4%;
Regional resource sector output moved down 0.3%; and
Regional steel sector output declined 0.5%.
The region’s auto sector production rose 0.7% in January after increasing 3.1% in December. National auto production decreased 1.3% in January. The Midwest’s automotive output was up 15.2% in January relative to its year-ago level, and national automotive output was up 6.2%.
The Midwest’s machinery sector production improved 0.4% in January after increasing 0.7% in December. The nation’s machinery production decreased 0.1% in January. Regional machinery output was up 2.8% in January from its year-ago level, and national machinery output was up 1.6%.
The Midwest resource sector’s output moved down 0.3% in January after moving up 1.8% in December. The national resource sector’s output was down 0.2% in January. Production in the regional resource sector’s wood, paper, chemical, and nonmetallic mineral subsectors decreased from December to January, while production in its food subsector increased. Compared with a year ago, regional resource output was up 1.5% in January, and national resource output was up 1.1%.
The region’s steel sector output declined 0.5% in January, following a gain of 1.4% in the previous month. The nation’s steel output was unchanged in January. Regional steel output was up 3.1% from its January 2012 level, and national steel output was up 1.9%.