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U.S. Manufacturing Growth to Outpace Economy in 2012

Chicago Fed Midwest Manufacturing Index Down 1% in May

The Chicago Fed Midwest Manufacturing Index (CFMMI) decreased 1 percent in May, to a seasonally adjusted level of 93.4 (2007 = 100). Revised data show the index was up 2.5 percent in April. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) decreased 0.4 percent in May. Regional output rose 10.5 percent in May from a year earlier, and national output increased 5.4 percent.

Production in three of the four regional sectors decreased in May.

The region’s auto sector production declined 2.7 percent in May after increasing 6.8 percent in April. National auto output declined 0.9 percent in May. The Midwest’s automotive output was up 22.6 percent in May relative to its year-ago level, and national automotive output was up 14.5 percent.

The Midwest resource sector’s output decreased 0.6 percent in May, following an increase of 0.5 percent in April. The national resource sector’s output moved down 0.4 percent in May. The food, paper, chemical, and nonmetallic subsectors of the regional resource sector decreased from April to May, but the wood subsector increased. Compared with a year ago, regional resource output was up 2.1 percent in May, and national resource output was up 1.4 percent.

The Midwest’s machinery sector production moved down 0.5 percent in May after increasing 0.7 percent in April. The nation’s machinery production decreased 0.3 percent in May. Regional machinery output was up 10.3 percent in May from its year-ago level, and national machinery output was up 6.3 percent.

The region’s steel sector output increased 0.2 percent in May after moving up 1.3 percent in the previous month. In contrast, the nation’s steel output decreased 0.6 percent in May. Regional steel output was up 9.9 percent from its May 2011 level, and national steel output was up 6.6 percent.

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