The Chicago Fed Midwest Manufacturing Index climbed 0.1% in January to a seasonally adjusted level of 97.0, 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 slid 0.3% in January. Overall manufacturing output in the region gained 6.4% from a year earlier, compared to 2.4% growth in output nationally in that period.
The December report showed a revised 1.9% increase to 96.8, originally reported as a 0.7% gain to 94.7.
The regional auto sector's output gained 0.7% in the month, after a 3.1% jump in December, while national output slipped 1.3%. Nationally, auto sector output added 6.2% from a year ago while the Midwest auto sector's output surged 15.2% year-over-year, according to the Fed.
The regional machinery sector's output grew 0.4% in the month, following a 0.7% rise in December. Nationally, machinery sector output dipped 0.1% in the month. On a year-over-year basis, machinery output grew 2.8% in the region while rising 1.6% in the nation.
The regional resource sector's output slid 0.3% in January, following a 1.8% increase in December. Nationally, resource output decreased 0.2% in the month. Compared to January 2012, regional resource output gained 1.5%, while national resource output rose 1.1%. "Production in the regional resource sector's wood, paper, chemical, and nonmetallic mineral subsectors decreased from December to January, while production in its food subsector increased," according to the Fed release.
The regional steel sector's output slumped 0.5% in the month, following a 1.4% gain in December. Nationally, steel sector output was flat in the month. On a year-over-year basis, steel output grew 3.1% in the region while climbing 1.9% in the nation.
