The Chicago Fed Midwest Manufacturing Index climbed 0.7% in December to a seasonally adjusted level of 94.7, as two of the four regional sectors improved, the Federal Reserve Bank of Chicago reported Monday.
Nationally, the Federal Reserve Board's industrial production index for manufacturing rose 0.8% in December. Overall manufacturing output in the region gained 6.2% from a year earlier, compared to 2.7% growth in output nationally in that period.
The November report showed a revised 2.0% increase to 94.1,
The regional auto sector's output gained 1.5% in the month, after a 4.0% jump in November, while national output grew 1.3%. Nationally, auto sector output soared 10.2% from a year ago while the Midwest auto sector's output surged 16.8% year-over-year, according to the Fed.
The regional steel sector's output climbed 0.7% in the month, following a 1.6% gain in November. Nationally, steel sector output was up 1.0% in the month. On a year-over-year basis, steel output grew 3.3% in the region while climbing 1.6% in the nation.
The regional resource sector's output dipped 0.1% in December, following a 0.8% increase in November. Nationally, resource output increased 0.3% in the month. Compared to December 2011, regional resource output gained 0.4%, while national resource output rose 0.1%. "Production in the regional resource sector's food, wood, and paper subsectors decreased from November to December, while production in its chemical and nonmetallic mineral subsectors increased."
The regional machinery sector's output dropped 0.3% in the month, following a 0.8% rise in November. Nationally, machinery sector output rose 0.8% in the month. On a year-over-year basis, machinery output grew 1.0% in the region while rising 1.7% in the nation.
