Chicago Fed: Midwest manufacturing output increased in May

The Chicago Federal Reserve Bank’s Midwest Manufacturing Index (CFMMI) increased 1.7 percent in May to a seasonally adjusted level of 86.7 (2002 = 100). Revised data show the index rose 1.3 percent in April to 85.2. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) increased 0.8 percent in May. Regional output in May rose 13.2 percent from a year earlier, and national output increased 8.4 percent.

All four regional industry sectors increased in May:

• Regional steel sector output grew 3.7 percent;

• Regional auto sector production rose 3.6 percent;

• Regional machinery sector production increased 1.1 percent; and

• Regional resource sector output edged up 0.2 percent.

The region’s steel sector output grew 3.7 percent in May after increasing 2.4 percent in April. The nation’s steel output was up 2.0 percent in May. Regional steel output rose 24.0 percent from its May 2009 level, and national steel output was up 15.1 percent.

Regional auto sector production rose 3.6 percent in May after moving up 1.1 percent in April. National auto output grew 2.0 percent in May. The Midwest’s automotive output was up 38.1 percent in May relative to its year-ago level, and the nation’s auto output was up 16.2 percent.

The Midwest’s machinery sector production increased 1.1 percent in May after rising 2.7 percent in April. The nation’s machinery production increased 1.2 percent in May. Regional machinery output in May was up 5.0 percent from year-earlier levels, and national machinery output was up 11.7 percent.

The Midwest resource sector’s output edged up 0.2 percent in May after ticking up 0.1 percent in April. The national resource sector’s output was down 0.2 percent in May. Four subsectors of the regional resource sector – food, wood, paper and non-metallic production – increased from April to May, while chemical production decreased. Compared with a year ago, regional resource output was up 5.4 percent in May, and national resource output was up 4.0 percent.