Chicago Fed: CFMMI Slips 0.5% in April to 95.9

The Chicago Fed Midwest Manufacturing Index fell 0.5% in April to a seasonally adjusted level of 95.9, as three of the four regional sectors declined, the Federal Reserve Bank of Chicago reported Tuesday.

Nationally, the Federal Reserve Board's industrial production index for manufacturing slipped 0.4% in April. Overall manufacturing output in the region gained 3.3% from a year earlier, compared to 1.7% growth in output nationally in that period.

The March report showed a revised 0.3% increase to 96.4, originally reported as a 0.3% gain to 96.5.

The regional auto sector's output slid 0.9% in the month, after a 1.9% rise in March, while national output dropped 0.7%. Nationally, auto sector output gained 3.6% from a year ago while the Midwest auto sector's output grew 5.8% year-over-year, according to the Fed.

The regional steel sector's output fell 0.9% in the month, following a 1.1% slide in March. Nationally, steel sector output declined 0.5% in the month. On a year-over-year basis, steel output grew 2.0% in the region while climbing 0.8% in the nation.

The regional machinery sector's output decreased 0.3% in the month, following a 0.4% fall in March. Nationally, machinery sector output dropped 0.1% in the month. On a year-over-year basis, machinery output grew 1.0% in the region while rising 1.5% in the nation.

The regional resource sector's output added 0.1% in April, following a 0.2% decrease in March. Nationally, resource output rose 0.2% in the month. Compared to April 2012, regional resource output gained 1.9%, while national resource output rose 1.2%. "Production in the regional resource sector's food and chemical subsectors increased from March to April, while production in its wood, paper, and nonmetallic mineral subsectors decreased," according to the Fed release.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER