Chicago Fed: CFMMI Slips 0.4% in May to 95.8

The Chicago Fed Midwest Manufacturing Index fell 0.4% in May to a seasonally adjusted level of 95.8, as all four regional sectors declined, the Federal Reserve Bank of Chicago reported Thursday.

Nationally, the Federal Reserve Board's industrial production index for manufacturing gained 0.2% in May. Overall manufacturing output in the region gained 4.2% from a year earlier, compared to 2.2% growth in output nationally in that period.

The April report showed a revised 0.2% decrease to 96.2, originally reported as a 0.5% drop to 95.9.

The regional steel sector's output fell 0.9% in the month, following a 0.7% slide in April. Nationally, steel sector output declined 0.3% in the month. On a year-over-year basis, steel output grew 0.8% in the region while climbing 0.8% in the nation.

The regional auto sector's output slid 0.7% in the month, after a 0.1% dip in April, while national output climbed 0.2%. Nationally, auto sector output gained 4.7% from a year ago while the Midwest auto sector's output grew 9.5% year-over-year, according to the Fed.

The regional machinery sector's output declined 0.4% in the month, following a 0.4% fall in April. Nationally, machinery sector output rose 0.6% in the month. On a year-over-year basis, machinery output grew 1.0% in the region while rising 2.7% in the nation.

The regional resource sector's output slid 0.1% in May, following a 0.3% increase in April. Nationally, resource output was steady in the month. Compared to May 2012, regional resource output gained 2.3%, while national resource output rose 1.5%. "Production in the regional resource sector's food subsector decreased from April to May, while production in its wood, chemical, and nonmetallic mineral subsectors increased and production in its paper subsector was unchanged," according to the Fed release.

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