The Chicago Fed Midwest manufacturing index climbed 1.2% in November to a seasonally adjusted level of 84.2 after the October report showed a revised 0.8% increase to 83.2, originally reported as a 0.5% rise to 82.9, the Federal Reserve Bank of Chicago reported yesterday.
Nationally, the Federal Reserve Board’s industrial production index for manufacturing grew 1.1% in November. Overall manufacturing output in the region dropped 10.0% from a year earlier, compared to a 4.4% decline in output nationally in that period.
The regional steel sector’s output increased 2.5% in the month, following a 0.1% gain in October. Nationally, steel sector output was up 1.1%. On a year-over-year basis, steel output fell 21.1% in the region while falling 14.3% in the nation.
The regional auto sector’s output grew 1.1% in the month after a 1.5% rise in October, while national output was up 0.9%. Nationally, auto sector output dropped 3.4% from a year ago while the Midwest auto sector’s output slumped 9.5% in that time, the Fed said.
The regional resource sector’s output rose 0.9% in November following a 0.4% gain in October. Nationally, resource output was up 1.2%. Compared to November 2008, regional resource output was 0.1% worse while national resource output rose 1.8%. “Four of the five subsectors of the regional resource sector — paper, wood, chemical, and nonmetallic mineral production — increased from October to November, while food production decreased,” the Fed said.
The regional machinery sector’s output gained 0.7% in the month after a 1.2% increase in October. Nationally, machinery sector output climbed 0.2%. On a year-over-year basis, machinery output slid 19.6% in the region while falling 8.0% in the nation.
