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Chicago Fed Midwest Manufacturing Index Increased 0.4%
The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 0.4% in June, to a seasonally adjusted level of 96.0 (2007 = 100). Revised data show the index was down 0.5% in May. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved up 0.3% in June. Regional output rose 3.5% in June from a year earlier, and national output increased 2.1%.
Production in all four regional sectors increased in June:
• Regional machinery sector production rose 0.4%;
• Regional resource sector output grew 0.4%;
• Regional steel sector output improved 0.3%; and
• Regional auto sector production moved up 0.1%.
The Midwest’s machinery sector production rose 0.4% in June after moving down 0.5% in May. The nation’s machinery production improved 0.5% in June. Regional machinery output was down 1.1% in June from its year-ago level, while national machinery output was up 2.3%.
The Midwest resource sector’s output grew 0.4% in June after moving up 0.1% in May. The national resource sector’s output moved up 0.2% in June. Production in the regional resource sector’s food and nonmetallic mineral subsectors increased from May to June, while production in its wood, paper, and chemical subsectors decreased. Compared with a year ago, regional resource output was up 3.3% in June, and national resource output was up 2.0%.
The region’s steel sector output improved 0.3% in June, following a decrease of 0.8% in the previous month. The nation’s steel output moved up 0.1% in June. Regional steel output was up 1.4% from its June 2012 level, and national steel output was up 1.7%.
The region’s auto sector production moved up 0.1% in June after declining 1.4% in May. The nation’s auto production increased 0.3% in June. Midwest automotive output was up 7.3% in June relative to its year-ago level, and national automotive output was up 3.9%.
Posted: July 29, 2013 Monday 08:30 AM