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Chicago Fed: CFMMI Drops 1.2% in October to 92.1

The Chicago Fed Midwest Manufacturing Index fell 1.2% in October to a seasonally adjusted level of 92.1, as three of the four regional sectors slid, the Federal Reserve Bank of Chicago reported Tuesday.

Nationally, the Federal Reserve Board's industrial production index for manufacturing slid 0.8% in October. Overall manufacturing output in the region gained 5.9% from a year earlier, compared to 2.0% growth in output nationally in that period.

The September report showed a revised 0.6% decrease to 93.2, originally reported as a 0.4% drop to 93.4.

The regional machinery sector's output decreased 2.5% in the month, following a 0.2% drop in September. Nationally, machinery sector output slid 1.0% in the month. On a year-over-year basis, machinery output grew 4.7% in the region while rising 2.6% in the nation.

The regional resource sector's output fell 1.9% in October, following a 0.6% gain in September. Nationally, resource output slipped 1.1% in the month. Compared to October 2011, regional resource output dipped 0.1%, while national resource output rose 0.1%. "Production in the regional resource sector's food, paper, chemical, and nonmetallic mineral subsectors decreased from September to October, while production in its wood subsector increased."

The regional steel sector's output dropped 0.5% in the month, following a 1.2% fall in September. Nationally, steel sector output was off 0.5% in the month. On a year-over-year basis, steel output grew 6.5% in the region while climbing 2.6% in the nation.

The regional auto sector's output was flat in the month, after a 1.8% drop in September, while national output fell 0.1%. Nationally, auto sector output soared 6.5% from a year ago while the Midwest auto sector's output surged 13.5% year-over-year, according to the Fed.

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