Home » Chicago Fed Midwest Manufacturing Index Falls 5.9% In January
Chicago Fed Midwest Manufacturing Index Falls 5.9% In January
March 23, 2009
The Chicago Fed Midwest Manufacturing Index declined 5.9% in January, to a seasonally adjusted level of 85.6 (2002 = 100). Revised data show the index decreased 3.9% in December, to 91.0.
The Federal Reserve Board's industrial production index for manufacturing fell 2.6% in January. Regional output in January was down 21.8% from a year earlier-lower than the 13.0% decrease in national output.
Regional auto sector production dropped 20.0% in January after moving down 1.8% in December. The nation's auto output decreased 10.1%. The Midwest's automotive output was down 42.2% relative to its year-ago value, and the nation's auto output was down 24.3%.
The region's steel sector output moved down 4.9% in January after declining 6.7% in December. The nation's steel output was down 3.8%. Regional steel output dropped 26.5% from its January 2008 level, and the national steel output fell 20.5%.
The Midwest's machinery sector output decreased 3.5% in January after moving down 4.2% in December. The nation's machinery output decreased 2.2%. Regional machinery output in January was 16.2% below year-earlier levels, and national machinery output was down 11.0%.
The Midwest's resource sector output ticked up 0.1% in January after declining 4.6% in December. The increase in food production offset the other four subsectors-chemical, paper, wood, and nonmetallic mineral production-that decreased from December to January. The national resource output edged down 0.1%. Compared with a year ago, regional resource output was down 10.1% in January, and the national resource output declined 8.6%.