The Chicago Fed Midwest Manufacturing Index surged 1.5% in August to a seasonally adjusted level of 96.7, as three of the four regional sectors improved, the Federal Reserve Bank of Chicago reported Monday.
Nationally, the Federal Reserve Board's industrial production index for manufacturing increased 0.7% in August. Overall manufacturing output in the region gained 4.0% from a year earlier, compared to 2.8% growth in output nationally in that period.
The July report showed a revised 0.7% decrease to 95.4, originally reported as a 0.1% dip to 95.8.
The regional auto sector's output grew 4.1% in the month, after a 2.8% drop in July, while national output climbed 2.4%. Nationally, auto sector output gained 8.4% from a year ago while the Midwest auto sector's output grew 4.8% year-over-year, according to the Fed.
The regional machinery sector's output rose 0.8% in the month, following a 0.4% slide in July. Nationally, machinery sector output gained 1.2% in the month. On a year-over-year basis, machinery output rose 1.5% in the region while gaining 4.8% in the nation.
The regional resource sector's output rose 0.4% in August, following a 0.4% increase in July. Nationally, resource output was up 0.2% in the month. Compared to August 2012, regional resource output gained 1.9%, while national resource output rose 1.2%. "Production in the regional resource sector's food, wood, paper, and nonmetallic mineral subsectors increased from July to August, while production in its chemical subsector decreased," according to the Fed release.
The regional steel sector's output slipped 0.1% in the month, following a 1.3% rise in July. Nationally, steel sector output climbed 0.1% in the month. On a year-over-year basis, steel output grew 2.2% in the region while climbing 1.6% in the nation.
