NEW YORK - The Chicago Fed Midwest Manufacturing Index dipped 0.1% in November to a seasonally adjusted level of 85.8, as two of the four regional sectors showed improvement, the Federal Reserve Bank of Chicago reported Tuesday.
Nationally, the Federal Reserve Board's industrial production index for manufacturing slipped 0.3% in November. Overall manufacturing output in the region gained 7.1% from a year earlier, compared to 4.2% growth in output nationally in that period.
The October report showed a revised 1.0% rise to 85.9, originally reported as a 0.7% increase to 85.7.
The regional resource sector's output slumped 0.8% in November, following a 0.8% jump in October. Nationally, resource output fell 0.6% in the month. Compared to November 2010, regional resource output was off 0.5%, while national resource output rose 0.3%. "The food, wood, and chemical subsectors of the regional resource sector decreased from October to November, but the paper and nonmetallic subsectors increased,” the Fed said.
The regional machinery sector's output decreased 0.3% in the month, following an 0.8% surge in October. Nationally, machinery sector output slipped 0.2% in the month. On a year-over-year basis, machinery output grew 10.3% in the region while rising 4.4% in the nation.
The regional auto sector's output increased 0.3% in the month, after a 2.7% gain in October, while national output fell 0.6%. Nationally, auto sector output gained 9.9% from a year ago while the Midwest auto sector's output increased 12.4% year-over-year, according to the Fed.
The regional steel sector's output jumped 1.6% in the month, following a 0.3% drop in October. Nationally, steel sector output was up 1.0% in the month. On a year-over-year basis, steel output grew 13.5% in the region while climbing 8.3% in the nation.
