The Chicago Fed Midwest Manufacturing Index (CFMMI) decreased 1.6 percent in November, to a seasonally adjusted level of 96.4 (2002 = 100). Revised data shows the index decreased 1.2 percent in October, to 98.0. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) decreased 1.5 percent in November. Regional output in November was down 10.8 percent from a year earlier – lower than the 7.3 percent decrease in national output.
Three of the four regional industry sectors decreased in November:
· Regional steel sector output declined 4.3 percent;
· Regional machinery sector output moved down 2.0 percent;
· Regional resource sector output decreased 1.9 percent; and
· Regional auto sector production moved up 1.1 percent.
The region’s steel sector output declined 4.3 percent in November for the second consecutive month. The nation’s steel output was down 3.6 percent in November. Regional steel output dropped 14.1 percent from its November 2007 level, and the national steel output declined 11.4 percent. The Midwest’s machinery sector output moved down 2.0 percent in November after decreasing 1.7 percent in October. The nation’s machinery output moved down 1.6 percent in November. Regional machinery output in November was 6.6 percent below year-earlier levels, while national machinery output was down 2.6 percent.
The Midwest resource sector’s output decreased 1.9 percent in November after rising 2.3 percent in October. All of the five subsectors of the resource sector – food, chemical, paper, wood and non-metallic mineral production – decreased from October to November. The national resource sector’s output was down 2.1 percent in November. Compared with a year ago, regional resource output was down 4.8 percent in November, and the national resource output declined 5.3 percent. The Midwest’s auto sector production moved up 1.1 percent in November after falling 3.6 percent in October. The nation’s auto output increased 1.5 percent in November. The Midwest’s automotive output was down 24.0 percent in November relative to its year-ago value, and the nation’s auto output was down 15.7 percent.
