Following is the text of the Chicago Fed’s Midwest Manufacturing Index from the Federal Reserve Bank of Chicago.
The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 2.4% in April, to a seasonally adjusted level of 94.2 (2007 = 100). Revised data show the index was down 0.3% in March. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) increased 0.6% in April. Regional output rose 12.0% in April from a year earlier, and national output increased 5.8.
Production in three of the four regional sectors increased in April:
Regional auto sector production rose 7.6%;
Regional steel sector output increased 0.7%;
Regional machinery sector production moved up 0.6%; and
Regional resource sector output decreased 0.1%.
The region’s auto sector production rose 7.6% in April after decreasing 0.4% in March. National auto output increased 2.1% in April. The Midwest’s automotive output was up 28.2% in April relative to its year-ago level, and national automotive output was up 16.4%.
The region’s steel sector output increased 0.7% in April after decreasing 0.4% in the previous month. The nation’s steel output increased 0.5% in April. Regional steel output was up 10.7% from its April 2011 level, and national steel output was up 7.6%.
The Midwest’s machinery sector production moved up 0.6% in April after increasing 0.8% in March. The nation’s machinery production increased 0.9% in April. Regional machinery output was up 11.5% in April from its year-ago level, and national machinery output was up 6.6%.
The Midwest resource sector’s output decreased 0.1% in April, following a decline of 0.8% in March. The national resource sector’s output was unchanged in April. The food and wood subsectors of the regional resource sector decreased from March to April, but the paper, chemical, and nonmetallic subsectors increased. Compared with a year ago, regional resource output was up 1.4% in April, and national resource output was up 0.9%.