Chicago Fed: CFMMI Slips 0.1% in July to 95.8

The Chicago Fed Midwest Manufacturing Index decreased 0.1% in July to a seasonally adjusted level of 95.8, as two 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 slid 0.1% in July. Overall manufacturing output in the region gained 1.6% from a year earlier, compared to 1.5% growth in output nationally in that period.

The June report showed a revised 0.4% increase to 95.9, originally reported as a 0.4% gain to 96.0.

The regional auto sector's output fell 0.4% in the month, after a 0.5% rise in June, while national output slipped 0.4%. Nationally, auto sector output gained 2.1% from a year ago while the Midwest auto sector's output grew 1.9% year-over-year, according to the Fed.

The regional machinery sector's output slid 0.3% in the month, following a 0.5% rise in June. Nationally, machinery sector output dropped 0.4% in the month. On a year-over-year basis, machinery output rose 0.3% in the region while gaining 1.8% in the nation.

The regional resource sector's output held steady in July, following a 0.3% increase in June. Nationally, resource output was off 0.1% in the month. Compared to July 2012, regional resource output gained 1.3%, while national resource output rose 0.9%. "Production in the regional resource sector's wood, paper, chemical, and nonmetallic mineral subsectors decreased from June to July, while production in its food subsector increased," according to the Fed release.

The regional steel sector's output added 1.5% in the month, following a flat reading in June. Nationally, steel sector output climbed 1.0% in the month. On a year-over-year basis, steel output grew 1.6% in the region while climbing 0.5% in the nation.

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