The Chicago Federal Reserve Bank’s Midwest Manufacturing Index (CFMMI), released on April 27, fell 2.4 percent in March, to a seasonally adjusted level of 82.0 (2002 = 100). Revised data shows the index decreased 0.4 percent in February, to 84.0. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) fell 1.7 percent in March. Regional output in March was down 23.2 percent from a year earlier – lower than the 14.9 percent decrease in national output.
Three of the four regional industry sectors decreased in March:
· Regional steel sector output dropped 5.5 percent;
· Regional machinery sector output also declined 5.5 percent;
· Regional resource sector output moved down 1.5 percent; and
· Regional auto sector production rose 0.9 percent.
The region’s steel sector output dropped 5.5 percent in March after falling 4.3 percent in February. The nation’s steel output was down 3.8 percent in March. Regional steel output dropped 34.1 percent from its March 2008 level, and national steel output fell 24.2 percent.
The Midwest’s machinery sector output also declined 5.5 percent in March after moving down 4.9 percent in February. The nation’s machinery output decreased 2.9 percent in March. Regional machinery output in March was 24.6 percent below year-earlier levels, and national machinery output was down 17.5 percent.
The Midwest resource sector’s output moved down 1.5 percent in March after increasing 0.6 percent in February. The national resource sector’s output was down 1.0 percent in March. All five subsectors of the resource sector – food, paper, chemical and nonmetallic mineral, and wood
Production – decreased from February to March. Compared with a year ago, regional resource output was down 12.3 percent in March, and the national resource output declined 9.7 percent.
Regional auto sector production rose 0.9 percent in March after increasing 7.1 percent in January. The nation’s auto output edged down 0.4 percent in March. The Midwest’s automotive output was down 33.8 percent in March relative to its year-ago value, and the nation’s auto output was down 20.5 percent.