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Chicago Fed Midwest Manufacturing Index Decreased 0.5%
The Chicago Fed Midwest Manufacturing Index (CFMMI) decreased 0.5% in April, to a seasonally adjusted level of 95.9 (2007 = 100). Revised data show the index was up 0.3% in March. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved down 0.4% in April. Regional output rose 3.3% in April from a year earlier, and national output increased 1.7%.
Production in three of the four regional sectors decreased in April:
• Regional auto sector production declined 0.9%;
• Regional steel sector output decreased 0.9%;
• Regional machinery sector production moved down 0.3%; and
• Regional resource sector output improved 0.1%.
The region’s auto sector production declined 0.9% in April after increasing 1.9% in March. National auto production decreased 0.7% in April. The Midwest’s automotive output was up 5.8% in April relative to its year-ago level, and national automotive output was up 3.6%.
The region’s steel sector output decreased 0.9% in April, following a decline of 1.1% in the previous month. The nation’s steel output was down 0.5% in April. Regional steel output was up 2.0% from its April 2012 level, and national steel output was up 0.8%.
The Midwest’s machinery sector production moved down 0.3% in April after decreasing 0.4% in March. The nation’s machinery production decreased 0.1% in April. Regional machinery output was up 1.0% in April from its year-ago level, and national machinery output was up 1.5%.
The Midwest resource sector’s output improved 0.1% in April after moving down 0.2% in March. The national resource sector’s output increased 0.2% in April. Production in the regional resource sector’s food and chemical subsectors increased from March to April, while production in its wood, paper, and nonmetallic mineral subsectors decreased. Compared with a year ago, regional resource output was up 1.9% in April, and national resource output was up 1.2%.
Posted: May 28, 2013 Tuesday 08:30 AM