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Chicago Fed Midwest Manufacturing Index increased 0.4%
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The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 0.4% in October, to a seasonally adjusted level of 97.4 (2007 = 100). Revised data show the index was up 0.3% in September. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved up 0.3% in October. Regional output rose 5.7% in October from a year earlier, and national output increased 3.6%.
Production in two of the four regional sectors increased in October:
• Regional steel sector output increased 2.2%;
• Regional resource sector output moved up 0.3%;
• Regional auto sector production moved down 0.2%; and
• Regional machinery sector production decreased 0.4%.
The region’s steel sector output increased 2.2% in October, following a decrease of 0.4% in September. The nation’s steel output increased 1.0% in October. Regional steel output was up 5.9% from its October 2012 level, and national steel output was up 4.6%.
The Midwest resource sector’s output moved up 0.3% in October after decreasing 1.3% in September. The national resource sector’s output moved up 0.3% in October. Production in the regional resource sector’s food, wood, paper, and chemical subsectors increased from September to October, while production in its nonmetallic mineral subsector decreased. Compared with a year ago, regional resource output was up 1.7% in October, and national resource output was up 1.2%.
The region’s auto sector production moved down 0.2% in October after increasing 1.2% in September. The nation’s auto production moved down 0.3% in October. Midwest automotive output was up 8.7% in October relative to its year-ago level, and national automotive output was up 5.5%.
The Midwest’s machinery sector production decreased 0.4% in October after increasing 1.6% in September. The nation’s machinery production increased 0.3% in October. Regional machinery output was up 4.5% in October from its year-ago level, and national machinery output was up 4.8%.
Posted: November 27, 2013 Wednesday 08:30 AM