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 1.1% in June, to a seasonally adjusted level of 94.1 (2007 = 100). Revised data show the index was down 1.4% in May. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) increased 0.7% in June. Regional output rose 11.0% in June from a year earlier, and national output increased 5.6%.
Production in all four regional sectors increased in June:
• Regional machinery sector production grew 2.9%;
• Regional auto sector production increased 0.7%;
• Regional resource sector output improved 0.5%; and
• Regional steel sector output moved up 0.4%.
The Midwest’s machinery sector production grew 2.9% in June after decreasing 0.5% in May. The nation’s machinery production increased 1.4% in June. Regional machinery output was up 12.2% in June from its year-ago level, and national machinery output was up 7.3%.
The region’s auto sector production increased 0.7% in June after declining 4.3% in May. National auto output improved 1.1% in June. The Midwest’s automotive output was up 21.9% in June relative to its year-ago level, and national automotive output was up 15.2%.
The Midwest resource sector’s output improved 0.5% in June, following a decrease of 0.9% in May. The national resource sector’s output moved up 0.4% in June. The regional resource sector’s food, wood, paper, chemical, and nonmetallic mineral subsectors all increased their production from May to June. Compared with a year ago, regional resource output was up 2.1% in June, and national resource output was up 1.3%.
The region’s steel sector output moved up 0.4% in June after a 0.6% increase in the previous month. In contrast, the nation’s steel output decreased 0.2% in June. Regional steel output was up 11.0% from its June 2011 level, and national steel output was up 6.4%.