The Chicago Federal Reserve’s Midwest Manufacturing Index (CFMMI), released on January 29, declined 3.6 percent in December, to a seasonally adjusted level of 92.2 (2002 = 100). Revised data show the index decreased 2.3 percent in November, to 95.7. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) fell 2.3 percent in December. Regional output in December was down 14.8 percent from a year earlier – lower than the 10.0 percent decrease in national output.
All four regional industry sectors decreased in December:
· Regional steel sector output dropped 7.3 percent;
· Regional resource sector output moved down 3.6 percent;
· Regional machinery sector output declined 3.3 percent; and
· Regional auto sector production decreased 2.7 percent.
The region’s steel sector output dropped 7.3 percent in December after declining 6.0 percent in November. The nation’s steel output was down 5.2 percent in December. Regional steel output dropped 22.4 percent from its December 2007 level, and the national steel output declined 17.4 percent.
The Midwest resource sector’s output moved down 3.6 percent in December after declining 2.0 percent in November. All of the five subsectors of the resource sector – food, chemical, paper, wood and non-metallic mineral production – decreased from November to December. The national resource sector’s output was down 2.4 percent in December. Compared with a year ago, regional resource output was down 8.7 percent in December, and the national resource output declined 7.9 percent.
The Midwest’s machinery sector output declined 3.3 percent in December after decreasing 3.1 percent in November. The nation’s machinery output moved down 2.9 percent in December. Regional machinery output in December was 10.4 percent below year-earlier levels, and national machinery output was down 7.5 percent.
Regional auto sector production decreased 2.7 percent in December after edging up 0.5 percent in November. The nation’s auto output decreased 0.6 percent in December. The Midwest’s automotive output was down 26.4 percent in December relative to its year-ago value, and the nation’s auto output was down 15.8 percent.
Read the full report and view the data tables by clicking on the link below:
http://www.chicagofed.org/economic_research_and_data/files/cfmmi_december2008.pdf
