The Chicago Fed Midwest Manufacturing Index (CFMMI) decreased 1.0% in May, to a seasonally adjusted level of 93.4 (2007 = 100). Revised data show the index was up 2.5% in April. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) decreased 0.4% in May. Regional output rose 10.5% in May from a year earlier, and national output increased 5.4%.
Production in three of the four regional sectors decreased in May:
• Regional auto sector production declined 2.7%;
• Regional resource sector output decreased 0.6%;
• Regional machinery sector production moved down 0.5%; and
• Regional steel sector output increased 0.2%.
The region’s auto sector production declined 2.7% in May after increasing 6.8% in April. National auto output declined 0.9% in May. The Midwest’s automotive output was up 22.6% in May relative to its year-ago level, and national automotive output was up 14.5%.
The Midwest resource sector’s output decreased 0.6% in May, following an increase of 0.5% in April. The national resource sector’s output moved down 0.4% in May. The food, paper, chemical, and nonmetallic subsectors of the regional resource sector decreased from April to May, but the wood subsector increased. Compared with a year ago, regional resource output was up 2.1% in May, and national resource output was up 1.4%.
The Midwest’s machinery sector production moved down 0.5% in May after increasing 0.7% in April. The nation’s machinery production decreased 0.3% in May. Regional machinery output was up 10.3% in May from its year-ago level, and national machinery output was up 6.3%.The region’s steel sector output increased 0.2% in May after moving up 1.3% in the previous month. In contrast, the nation’s steel output decreased 0.6% in May. Regional steel output was up 9.9% from its May 2011 level, and national steel output was up 6.6%.