The Chicago Federal Reserve Bank’s Midwest Manufacturing Index (CFMMI) decreased 1.4 percent in August, to a seasonally adjusted level of 79.9 (2007 = 100). Revised data show the index rose 1.9 percent in July to 81.0. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) edged up 0.2 percent in August. Regional output in August rose 8.5 percent from a year earlier, and national output increased 6.5 percent.
The regional auto sector was the only sector to decline in August:
• Regional auto sector output fell 6.9 percent;
• Regional machinery sector production edged up 0.3 percent
• Regional steel sector output grew 0.8 percent; and
• Regional resource sector production rose 0.9 percent.
The region’s auto sector production fell 6.9 percent in August after increasing 7.6 percent in July. National auto output decreased 1.8 percent in August. The Midwest’s automotive output was up 12.2 percent in August relative to its year-ago level, and national automotive output was up 7.8 percent
The Midwest’s machinery sector production edged up 0.3 percent in August after ticking up 0.2 percent in July. The nation’s machinery production increased 0.7 percent in August. Regional machinery output in July was up 8.1 percent from its year-earlier level, and national machinery output was up 12.2 percent.
The region’s steel sector output grew 0.8 percent in August after increasing by the same amount in July. The nation’s steel output was up 1.1 percent in August. Regional steel output rose 21.7 percent from its August 2009 level, and well ahead of the 13.1 percent increase in the nation’s steel output.
The Midwest resource sector’s output rose 0.9 percent in August after decreasing 0.5 percent in July. The national resource sector’s output grew 0.7 percent in July. Only the non-metallic subsector of the regional resource sector decreased from July to August, while food, wood, paper and chemical production increased. Compared with a year ago, regional resource output was up 4.2 percent in August, and national resource output was up 2.7 percent.
