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Chicago Fed report shows Midwest manufacturing output increased
The Chicago Fed Midwest Manufacturing Index (CFMMI), released March 18 by the Federal Reserve Bank of Chicago, increased 1.9 percent in January, to a seasonally adjusted level of 83.1 (2002 = 100). Revised data show the index decreased 0.5 percent in December to 81.5. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) increased 1.0 percent in January. Regional output in January edged up 0.6 percent from a year earlier, and national output increased 2.1 percent.
All four sectors increased in January:
• Regional auto sector production rose 4.5 percent;
• Regional machinery sector production grew 1.4 percent;
• Regional steel sector output increased 1.3 percent; and
• Regional resource sector output also increased 1.3 percent.
Regional auto sector production rose 4.5 percent in January after decreasing 0.8 percent in December. The nation’s auto output grew 2.3 percent in January. The Midwest’s automotive output was up 22.7 percent in January relative to its year-ago level, and the nation’s auto output was up 9.2 percent.
The Midwest’s machinery sector output moved up 1.4 percent in January after increasing 0.7 percent in December. The nation’s machinery output increased 1.9 percent in January. Regional machinery output in January was down 15.9 percent from year-earlier levels, and national machinery output was up 0.9 percent.
The region’s steel sector output increased 1.3 percent in January after rising 2.2 percent in December. The nation’s steel output was up 0.7 percent in January. Regional steel output fell 7.6 percent from its January 2009 level, and national steel output decreased 2.9 percent.
The Midwest resource sector’s output moved up 1.3 percent in January after decreasing 1.4 percent in December. The national resource sector’s output was up 1.1 percent in January. Four of the five subsectors of the regional resource sector – food, wood, chemical and non-metallic production – increased from December to January, while paper production decreased. Compared with a year ago, regional resource output was up 5.4 percent in January and national resource output was up 5.7 percent.
