Chicago Fed Midwest Manufacturing Index for July (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 0.1% in July, to a seasonally adjusted level of 95.8 (2007 = 100). Revised data show the index was up 0.4% in June. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved down 0.1% in July. Regional output rose 1.6% in July from a year earlier, and national output increased 1.5%.
Production in two of the four regional sectors decreased in July:
Regional auto sector production decreased 0.4%;
Regional machinery sector production moved down 0.3%;
Regional resource sector output was unchanged; and
Regional steel sector output rose 1.5%.
The region’s auto sector production decreased 0.4% in July after increasing 0.5% in June. The nation’s auto production decreased 0.4% in July. Midwest automotive output was up 1.9% in July relative to its year-ago level, and national automotive output was up 2.1%.
The Midwest’s machinery sector production moved down 0.3% in July after increasing 0.5% in June. The nation’s machinery production decreased 0.4% in July. Regional machinery output was up 0.3% in July from its year-ago level, while national machinery output was up 1.8%.
The Midwest resource sector’s output was unchanged in July after moving up 0.3% in June. The national resource sector’s output moved down 0.1% in July. Production in the regional resource sector’s wood, paper, chemical, and nonmetallic mineral subsectors decreased from June to July, while production in its food subsector increased. Compared with a year ago, regional resource output was up 1.3% in July, and national resource output was up 0.9%.
The region’s steel sector output rose 1.5% in July after it was unchanged in June. The nation’s steel output grew 1.0% in July. Regional steel output was up 1.6% from its July 2012 level, and national steel output was up 0.5%.