The Chicago Federal Reserve Bank’s Midwest Manufacturing Index (CFMMI) decreased 0.8 percent in February, to a seasonally adjusted level of 82.6 (2002 = 100), it was reported on April 6. Revised data shows the index increased 2.0 percent in January to 83.2. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) ticked down 0.2 percent in February. Regional output in February edged down 0.5 percent from a year earlier, and national output increased 2.0 percent.
Three of the four regional industry sectors decreased in February:
- Regional auto sector production declined 2.8 percent;
- Regional resource sector output decreased 0.5 percent;
- Regional machinery sector production edged down 0.2 percent; and
- Regional steel sector output increased 0.9 percent.
Regional auto sector production declined 2.8 percent in February after rising 4.7 percent in January. The nation’s auto output decreased 1.7 percent in February. The Midwest’s automotive output was up 10.0 percent in February relative to its year-ago level, and the nation’s auto output was up 6.1 percent.
The Midwest resource sector’s output moved down 0.5 percent in February after increasing 1.3 percent in January. The national resource sector’s output was down 0.4 percent in February. Three of the five subsectors of the regional resource sector – food, chemical and non-metallic production – decreased from January to February, while wood and paper production increased. Compared with a year ago, regional resource output was up 3.0 percent in February and national resource output was up 3.9 percent.
The Midwest’s machinery sector production moved down 0.2 percent in February after increasing 1.7 percent in January. The nation’s machinery production increased 0.8 percent in February. Regional machinery output in February was down 12.8 percent from year-earlier levels, and national machinery output was up 3.8 percent.
The region’s steel sector output increased 0.9 percent in February after rising 1.5 percent in January.
The nation’s steel output was up 0.2 percent in February. Regional steel output fell 2.1 percent from its February 2009 level, and national steel output was unchanged.
