The 2020 Mid-Year Economic Update_long

Chicago Fed Midwest Manufacturing Index Up 0.7% in December

Production in two of the four regional sectors increased.

The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 0.7 percent in December, to a seasonally adjusted level of 94.7 (2007 = 100). Revised data show the index was up 2 percent in November. The Federal Reserve Board’s industrial production index for manufacturing moved up 0.8 percent in December. Regional output rose 6.2 percent in December from a year earlier, and national output increased 2.7 percent.

Production in two of the four regional sectors increased in December:

  • Regional auto sector production rose 1.5 percent;
  • Regional steel sector output improved 0.7 percent;
  • Regional resource sector output moved down 0.1 percent; and
  • Regional machinery sector production decreased 0.3 percent.

The region’s auto sector production rose 1.5 percent in December after increasing 4 percent in November. National auto production increased 1.3 percent in December. The Midwest’s automotive output was up 16.8 percent in December relative to its year-ago level, and national automotive output was up 10.2 percent.

The region’s steel sector output improved 0.7 percent in December, following a gain of 1.6 percent in the previous month. The nation’s steel output was up 1 percent in December. Regional steel output was up 3.3 percent from its December 2011 level, and national steel output was up 1.6 percent.

The Midwest resource sector’s output moved down 0.1 percent in December after moving up 0.8 percent in November. The national resource sector’s output was up 0.3 percent in December. Production in the regional resource sector’s food, wood, and paper subsectors decreased from November to December, while production in its chemical and nonmetallic mineral subsectors increased. Compared with a year ago, regional resource output was up 0.4 percent in December, while national resource output was up 0.1 percent.

The Midwest’s machinery sector production decreased 0.3 percent in December after increasing 0.8 percent in November. The nation’s machinery production increased 0.8 percent in December. Regional machinery output was up 1 percent in December from its year-ago level, and national machinery output was up 1.7 percent.

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