Midwest Manufacturing Output Decreased in October
The Chicago Midwest Fed reports that the Chicago Fed Midwest Manufacturing Index (CFMMI) decreased 1.2% in October, to a seasonally adjusted level of 92.1 (2007 = 100). Revised data show the index was down 0.6% in September. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved down 0.8% in October. Regional output rose 5.9% in October from a year earlier, and national output increased 2.0%.
Production in three of the four regional sectors decreased in October:
• Regional machinery sector production declined 2.5%;
• Regional resource sector output decreased 1.9%;
• Regional steel sector output moved down 0.5%; and
• Regional auto sector production was unchanged.
The Midwest’s machinery sector production declined 2.5% in October after moving down 0.2% in September. The nation’s machinery production decreased 1.0% in October. Regional machinery output was up 4.7% in October from its year-ago level, and national machinery output was up 2.6%.
The Midwest resource sector’s output decreased 1.9% in October after increasing 0.6% in September. The national resource sector’s output was down 1.1% in October. Production in the regional resource sector’s food, paper, chemical, and nonmetallic mineral subsectors decreased from September to October, while production in its wood subsector increased. Compared with a year ago, regional resource output was down 0.1% in October, while national resource output was up 0.1%.
The region’s steel sector output moved down 0.5% in October, following a 1.2% decrease in the previous month. The nation’s steel output was down 0.5% in October. Regional steel output was up 6.5% from its October 2011 level, and national steel output was up 2.6%.
The region’s auto sector production was unchanged in October after decreasing 1.8% in September. National auto production moved down 0.1% in October. The Midwest’s automotive output was up 13.5% in October relative to its year-ago level, and national automotive output was up 6.5%.
For the complete report, see it here.