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Chicago Fed: CFMMI Rises 1.6% in November to 93.7

The Chicago Fed Midwest Manufacturing Index climbed 1.6% in November to a seasonally adjusted level of 93.7, as all four regional sectors improved, the Federal Reserve Bank of Chicago reported Thursday.

Nationally, the Federal Reserve Board's industrial production index for manufacturing rose 1.1% in November. Overall manufacturing output in the region gained 7.3% from a year earlier, compared to 3.1% growth in output nationally in that period.

The October report showed a revised 1.1% decrease to 92.2, originally reported as a 1.2% drop to 92.1.

The regional auto sector's output gained 3.6% in the month, after a 0.1% rise in October, while national output grew 2.4%. Nationally, auto sector output soared 9.2% from a year ago while the Midwest auto sector's output surged 17.9% year-over-year, according to the Fed.

The regional steel sector's output climbed 0.9% in the month, following a 0.8% fall in October. Nationally, steel sector output was up 1.8% in the month. On a year-over-year basis, steel output grew 4.0% in the region while climbing 2.0% in the nation.

The regional resource sector's output rose 0.7% in November, following a 1.6% drop in October. Nationally, resource output increased 0.2% in the month. Compared to November 2011, regional resource output gained 1.9%, while national resource output rose 1.3%. "Production in the regional resource sector's food, wood, paper, and nonmetallic mineral subsectors increased from October to November, while production in its chemical subsector decreased."

The regional machinery sector's output increased 0.2% in the month, following a 2.5% drop in October. Nationally, machinery sector output rose 0.3% in the month. On a year-over-year basis, machinery output grew 3.4% in the region while rising 2.5% in the nation.

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