Chicago Fed: Midwest manufacturing output increased in July

RP news wires

The Chicago Federal Reserve Bank’s Midwest Manufacturing Index (CFMMI) increased 2.2 percent in July, to a seasonally adjusted level of 81.4 (2007 = 100). Revised data show the index fell 0.2 percent in June to 79.6. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) increased 1.1 percent in July. Regional output in July rose 13.1 percent from a year earlier, and national output increased 8.1 percent.

Three of the four regional industry sectors increased in July:

  • Regional auto sector production rose 7.2 percent;
  • Regional steel sector output grew 2.2 percent;
  • Regional machinery sector production went up 0.9 percent; and
  • Regional resource sector output edged down 0.1 percent.

The region’s auto sector production rose 7.2 percent in July after edging down 0.4 percent in June. National auto output increased 4.4 percent in July. The Midwest’s automotive output was up 27.0 percent in July relative to its year-ago level; more than double the nation’s auto output 12.5 percent gain.

The region’s steel sector output grew 2.2 percent in July after a 0.5 percent increase in June. The nation’s steel output was up 1.1 percent in July. Regional steel output rose 24.7 percent from its July 2009 level and well ahead of the nation’s steel output 14.4 percent increase.

The Midwest’s machinery sector production went up 0.9 percent in July after increasing 0.5 percent in June. The nation’s machinery production increased 0.8 percent in July. Regional machinery output in July was up 9.6 percent from year-earlier levels, and national machinery output was up 13.3 percent.

The Midwest resource sector’s output ticked down 0.1 percent in July after declining 0.4 percent in June. The national resource sector’s output edged up 0.2 percent in July. Two subsectors of the regional resource sector – food and wood production – decreased from June to July, while paper, chemical and non-metallic production increased. Compared with a year ago, regional resource output was up 5.6 percent in July, and national resource output was up 3.5 percent.

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