Chicago Fed: CFMMI Rises 0.8% in February to 96.3

The Chicago Fed Midwest Manufacturing Index climbed 0.8% in February to a seasonally adjusted level of 96.3, 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 grew 0.6% in February. Overall manufacturing output in the region gained 5.9% from a year earlier, compared to 2.4% growth in output nationally in that period.

The January report showed a revised 0.4% increase to 95.5, originally reported as a 0.1% gain to 97.0.

The regional auto sector's output slipped 0.1% in the month, after a 1.9% jump in January, while national output climbed 0.9%. Nationally, auto sector output added 5.7% from a year ago while the Midwest auto sector's output surged 12.4% year-over-year, according to the Fed.

The regional machinery sector's output grew 1.7% in the month, following a 0.1% dip in January. Nationally, machinery sector output gained 0.7% in the month. On a year-over-year basis, machinery output grew 2.0% in the region while rising 1.8% in the nation.

The regional steel sector's output jumped 1.6% in the month, following a 0.4% drop in January. Nationally, steel sector output crept up 0.1% in the month. On a year-over-year basis, steel output grew 3.8% in the region while climbing 1.7% in the nation.

The regional resource sector's output added 0.5% in February, following a flat reading in January. Nationally, resource output rose 0.3% in the month. Compared to February 2012, regional resource output gained 2.6%, while national resource output rose 1.6%. "Production in all five of the regional resource sector's subsectors (wood, paper, chemical, food, and nonmetallic mineral) increased from January to February," according to the Fed release.

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