Chicago Fed Midwest Manufacturing Index for May (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 May, to a seasonally adjusted level of 95.8 (2007 = 100). Revised data show the index was down 0.2% in April. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved up 0.2% in May. Regional output rose 4.2% in May from a year earlier, and national output increased 2.2%.
Production in all four regional sectors decreased in May:
Regional steel sector output fell 0.9%;
Regional auto sector production declined 0.7%;
Regional machinery sector production decreased 0.4%; and
Regional resource sector output moved down 0.1%.
The region’s steel sector output fell 0.9% in May, following a decrease of 0.7% in the previous month. The nation’s steel output was down 0.3% in May. Regional steel output was up 0.8% from its May 2012 level, and national steel output was also up 0.8%.
The region’s auto sector production declined 0.7% in May after decreasing 0.1% in April. National auto production increased 0.2% in May. The Midwest’s automotive output was up 9.5% in May relative to its year-ago level, and national automotive output was up 4.7%.
The Midwest’s machinery sector production decreased 0.4% in May after also doing so in April. The nation’s machinery production improved 0.6% in May. Regional machinery output was up 1.0% in May from its year-ago level, and national machinery output was up 2.7%.
The Midwest resource sector’s output moved down 0.1% in May after moving up 0.3% in April. The national resource sector’s output was unchanged in May. Production in the regional resource sector’s food subsector decreased from April to May, while production in its wood, chemical, and nonmetallic mineral subsectors increased and production in its paper subsector was unchanged. Compared with a year ago, regional resource output was up 2.3% in May, and national resource output was up 1.5%.