The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 1.1 percent in January, to a seasonally adjusted level of 84.1 (2007 = 100). Revised data show the index increased 0.7 percent in December to 83.2. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) rose 0.3 percent in January. Regional output in January rose 9.2 percent from a year earlier, and national output increased 6.0 percent.
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Three of the four regional sectors increased in January:
- Regional auto sector production increased 4.1 percent;
- Regional steel sector output rose 1.3 percent;
- Regional machinery sector production moved up 1.0 percent; and
- Regional resource sector output decreased 0.7 percent.
The region’s auto sector production increased 4.1 percent in December after it edged down 0.2 percent in December. National auto output rose 1.6 percent in January. The Midwest’s automotive output was up 8.9 percent in January relative to its year-ago level, and national automotive output was up 3.9 percent.
The region’s steel sector output rose 1.3 percent in January after a 2.1 percent increase in the previous month. The nation’s steel output was flat in January. Regional steel output was up 18.2 percent from its January 2010 level, and national steel output was up 11.0 percent.
The Midwest’s machinery sector production moved up 1.0 percent in January after increasing 0.8 percent in December. The nation’s machinery production increased 0.8 percent in January. Regional machinery output in January was up 14.2 percent from its year-earlier level, and national machinery output was up 12.3 percent.
The Midwest resource sector’s output decreased 0.7 percent in January after increasing 0.9 percent in the previous month. The national resource sector’s output edged down 0.2 percent in January. The chemical subsector of the regional resource sector was the only one to increase from December to January, while the food, wood, paper, and nonmetallic subsectors decreased. Compared with a year ago, regional resource output was up 4.5 percent in January and national resource output was up 3.1 percent.