Chicago Fed Midwest Manufacturing Index for August (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 1.5% in August, to a seasonally adjusted level of 96.7 (2007 = 100). Revised data show the index was down 0.7% in July. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved up 0.7% in August. Regional output rose 4.0% in August from a year earlier, and national output increased 2.8%.
Production in three of the four regional sectors increased in August:
Regional auto sector production rose 4.1%;
Regional machinery sector production increased 0.8%;
Regional resource sector output moved up 0.4%; and
Regional steel sector output moved down 0.1%. The region’s auto sector production rose 4.1% in August after falling 2.8% in July. The nation’s auto production increased 2.4% in August. Midwest automotive output was up 8.4% in August relative to its year-ago level, and national automotive output was up 4.8%.
The Midwest’s machinery sector production increased 0.8% in August after decreasing 0.4% in July. The nation’s machinery production increased 1.2% in August. Regional machinery output was up 1.5% in August from its year-ago level, while national machinery output was up 4.8%. The Midwest resource sector’s output moved up 0.4% in August after increasing by the same percentage in July. The national resource sector’s output moved up 0.2% in August. Production in the regional resource sector’s food, wood, paper, and nonmetallic mineral subsectors increased from July to August, while production in its chemical subsector decreased. Compared with a year ago, regional resource output was up 1.9% in August, and national resource output was up 1.2%.
The region’s steel sector output moved down 0.1% in August, following an increase of 1.3% in July. The nation’s steel output moved up 0.1% in August. Regional steel output was up 2.2% from its August 2012 level, and national steel output was up 1.6%.