NEW YORK - The Chicago Fed Midwest Manufacturing Index slipped 0.3% in August to a seasonally adjusted level of 80.1 after the July report showed a revised 3.1% increase to 80.4 originally reported as a 2.6% rise to 79.7, the Federal Reserve Bank of Chicago reported today.
Nationally, the Federal Reserve Board's industrial production index for manufacturing rose 0.6% in August. Overall manufacturing output in the region dropped 20.8% from a year earlier, compared to a 12.0% decline in output nationally in that period.
The regional auto sector's output fell 4.2% in the month, after a 16.4% rise in July, while national output was up 1.8%. Nationally, auto sector output dropped 14.6% from a year ago while the Midwest auto sector's output slumped 29.3% year-over-year, according to the Fed.
The regional machinery sector's output gained 0.3% in the month, following a 0.6% dip in July. Nationally, machinery sector output fell 0.7% in the month. On a year-over-year basis, machinery output slid 26.2% in the region while falling 15.0% in the nation.
The regional steel sector's output increased 0.6% in the month, following a 1.9% gain in July. Nationally, steel sector output was up 0.3% in the month. On a year-over-year basis, steel output fell 35.6% in the region while falling 24.5% in the nation.
The regional resource sector's output rose 1.3% in August, following a 0.5% fall in July. Nationally, resource output was up 0.8% in the month. Compared to August 2008, regional resource output was 6.6% worse while national resource output slid 5.1%. "Two of the five subsectors of the resource sector — food and chemical production — increased from July to August, while paper, nonmetallic mineral, and wood production decreased,” the Fed said.
