The Chicago Federal Reserve Bank said Monday its Midwest manufacturing index rose in December, helped by a stronger performance in the auto and machinery segments.
The index rose 0.6 percent to a seasonally adjusted 104.5 from a downwardly revised 103.9 in November, originally reported at 104.4.
Compared with a year earlier, Midwest factory output was up 1.8 percent, trailing the 3.5 percent national increase.
Midwest machinery sector output advanced 1.3 percent in December after rising 0.1 percent in November, and was up 4.9 percent compared with a year earlier. The pace of growth in regional machinery output has slowed in recent months.
Auto sector output rose 1.7 percent in December following November's steady result and outpaced the nation's 1.3 percent increase in auto output.
Still, compared with a year ago, Midwest auto output fell 0.5 percent last month, while national auto output was up 3.8 percent.
Regional steel output fell 1.2 percent in December, a fifth straight monthly decline. Output was 0.9 percent above the December 2005 level, trailing the 1.3 percent increase in national steel output.
Midwestern resource sector output inched up 0.1 percent last month. Food, paper and wood production rose while chemical output was steady and non-metallic minerals production fell.
The Chicago Fed Midwest Manufacturing Index is a monthly estimate of manufacturing output in the region by major industries. The survey covers the five states that make up the seventh Federal Reserve district: Illinois, Indiana, Iowa, Michigan and Wisconsin.
Following is a breakdown of the index components:
Percent change:
Dec Nov Dec 06/05 CFMMI +0.6 -0.2 +1.8 Auto +1.7 0.0 -0.5 Steel -1.2 -1.7 +0.9 Machinery +1.3 +0.1 +4.9 Resources +0.1 -0.2 +1.9
Index (2002=100)
Dec Nov CFMMI 104.5 103.9 Auto 97.1 95.4 Steel 103.6 104.9 Machinery 112.1 110.7 Resources 106.0 105.9
