NEW YORK - The Chicago Fed Midwest Manufacturing Index dipped 0.3% in December to a seasonally adjusted level of 84.1 after the November report showed a revised 1.0% increase to 84.4, originally reported as a 1.2% rise to 84.2, the Federal Reserve Bank of Chicago reported today.
Nationally, the Federal Reserve Board's industrial production index for manufacturing was flat in December. Overall manufacturing output in the region dropped 6.4% from a year earlier, compared to a 1.4% decline in output nationally in that period.
The regional steel sector's output increased 1.3% in the month, following a 2.5% gain in November. Nationally, steel sector output was up 0.7% in the month. On a year-over-year basis, steel output fell 13.9% in the region while falling 9.5% in the nation.
The regional machinery sector's output gained 0.6% in the month, following a 0.5% increase in November. Nationally, machinery sector output climbed 1.2% in the month. On a year-over-year basis, machinery output slid 15.8% in the region while falling 3.8% in the nation.
The regional auto sector's output slid 0.2% in the month, after a 0.6% rise in November, while national output was up 0.3%. Nationally, auto sector output dropped 3.5% from a year ago while the Midwest auto sector's output slumped 8.8% year-over-year, according to the Fed.
The regional resource sector's output fell 1.0% in December, following a 1.3% gain in November. Nationally, resource output was steady in the month. Compared to December 2008, regional resource output was up 4.6%, while national resource output rose 5.8%. "Three of the five subsectors of the regional resource sector—food, paper, and nonmetallic production—decreased from November to December, while wood and chemical production increased,” the Fed said.
