The Chicago Fed Midwest manufacturing index slumped 2.6% in September to a seasonally adjusted level of 100.6 after the August report showed a revised 2.6% decrease to 103.3, originally reported as 2.6% drop to 103.5, the Federal Reserve Bank of Chicago reported yesterday.
Nationally, the Federal Reserve Board’s industrial production index for manufacturing fell 2.7% in September. Overall manufacturing output in the region dropped 7.4% from a year earlier, compared to a 2.7% decline in output nationally in that period.
Output in all four CFMMI sub-sectors decreased in September, the Fed said.
The regional auto sector’s output dropped 5.4% in the month after a 10.8% plunge in August, while national output was 5.2% lower. Nationally, auto sector output dropped 13.5% from a year ago while the Midwest auto sector’s output slumped 21.7% year-over-year, according to the Fed.