The Chicago Federal Reserve Bank said Monday that its US Midwest Manufacturing Index fell again in June, reaching its lowest level since September 1993.
The CFMMI fell 0.3 percent from May to a seasonally adjusted 78.1 in June. Compared to a year earlier, Midwest factory output was down 25.2 percent, which is much steeper than the 15.4 percent national decline due to the high concentration of industrial and automotive production in the Midwest region of the country.
However, while still declining, the pace of regional factory output decline moderated in June from May for most segments. Midwest steel output slipped 0.9 percent in June after falling 2.9 percent in May.
Midwest auto production actually rose in June, by 1.4 percent, after falling 10.9 percent in May. Compared to last year, the region's automotive output was down 42.6 percent.
Machinery sector output fell 1.1 percent in June after slipping 2.8 percent in May, while resource sector output fell 0.6 percent after rising in April and May.
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.
A breakdown of the index components and percentage changes compared with previous months is as follows:
|
| June | May | June 09/08 |
| CFMMI | -0.3 | -3.0 | -25.2 |
| Auto | 1.4 | -10.9 | -42.6 |
| Steel | -0.9 | -2.9 | -36.8 |
| Machinery | -1.1 | -2.8 | -26.3 |
| Resources | -0.6 | 0.7 | -9.5 |