NEW YORK - The Chicago Fed Midwest Manufacturing Index rose 2.0% in December to a seasonally adjusted level of 115.9 after a revised 2.0% November increase, originally seen as a 2.6% drop, the Federal Reserve Bank of Chicago reported today.
Nationally, the Federal Reserve Board's industrial production index for manufacturing was up 0.3% in December. Overall manufacturing output in the region in December was 2.9% higher than the same time the prior year, compared to a 2.7% rise in output nationally.
Output in three of the four CFMMI sub-sectors rose in December, with the last sector being unchanged.
The regional auto sector's output jumped 5.0% in the month, following a 2.2% increase in November. Nationally, auto sector output was up 0.5% in the month. On a year-over-year basis, auto output rose 8.4% across the region while increasing by 2.9% in the nation.
The regional steel sector's output gained 0.7% in December, after rising 2.8% in November, while national output rose 0.6%. Nationally, steel sector output was up 0.9% from a year ago while the Midwest steel sector's output grew 2.9% year-over-year. "The regions increase in December was balanced between primary metal output and fabricated metal production, according to the Fed.
The regional resource sector's output rose 0.3% in December, after climbing 1.1% in November. Nationally, resource output was up 0.4% in the month. Compared to December 2002, regional resource output was 0.5% lower while national resource output was up 2.0%. "Increases in regional paper, non-metallic mineral, chemical and wood production in December were offset slightly by a moderate drop in food production, the Fed said.
The regional machinery sector's output was unchanged n December, after gaining 2.3% in November. Nationally, machinery output was up 0.2%. Compared to a year ago, regional machinery output was up 0.7% compared to a gain of 13.0% nationally.
