The Chicago Federal Reserve Bank’s Midwest Manufacturing Index (CFMMI) increased 1.3 percent in March to a seasonally adjusted level of 84.1 (2002 = 100), it was announced on April 27. Revised data show the index ticked down 0.1 percent in February to 83.1. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) increased 0.9 percent in March. Regional output in March edged up 4.7 percent from a year earlier, and national output increased 5.1 percent.
All four regional industry sectors increased in March:
- Regional auto sector production rose 2.2 percent;
- Regional steel sector output grew 1.7 percent;
- Regional machinery sector production moved up 1.5 percent; and,
- Regional resource sector output edged up 0.6 percent.
Regional auto sector production rose 2.2 percent in March after declining 2.2 percent in February. National auto output increased 1.4 percent in March. The Midwest’s automotive output was up 13.3 percent in March relative to its year-ago level, and the nation’s auto output was up 8.6 percent.
The region’s steel sector output grew 1.7 percent in March after increasing 0.9 percent in February. The nation’s steel output was up 1.3 percent in March. Regional steel output rose 7.8 percent from its March 2009 level, and national steel output was up 6.7 percent.
The Midwest’s machinery sector production moved up 1.5 percent in March after inching up 0.3 percent in February. The nation’s machinery production increased 1.7 percent in March. Regional machinery output in March was down 5.5 percent from year-earlier levels, but national machinery output was up 7.9 percent.
The Midwest resource sector’s output edged up 0.6 percent in March after increasing 0.9 percent in February. The national resource sector’s output was up 0.2 percent in March. Three of the five subsectors of the regional resource sector – food, wood and non-metallic production – increased from February to March, while paper and chemical production decreased. Compared with a year ago, regional resource output was up 7.1 percent in March and national resource output was up 6.0 percent.
