NEW YORK - The Chicago Fed Midwest Manufacturing Index dipped 0.8% in February to a seasonally adjusted level of 82.6 after the January report showed a revised 2.0% increase to 83.2, originally reported as a 1.9% gain to 83.1, the Federal Reserve Bank of Chicago reported today.
Nationally, the Federal Reserve Board's industrial production index for manufacturing fell 0.2% in February. Overall manufacturing output in the region dropped 0.5% from a year earlier, compared to 2.0% growth in output nationally in that period.
The regional auto sector's output dropped 2.8% in the month, after a 4.7% gain in January, while national output was down 1.7%. Nationally, auto sector output soared 6.1% from a year ago while the Midwest auto sector's output jumped 10.0% year-over-year, according to the Fed.
The regional machinery sector's output dropped 0.2% in the month, following a 1.7% increase in January. Nationally, machinery sector output climbed 0.8% in the month. On a year-over-year basis, machinery output slid 12.8% in the region while rising 3.8% in the nation.
The regional steel sector's output increased 0.9% in the month, following a 1.5% gain in January. Nationally, steel sector output was up 0.2% in the month. On a year-over-year basis, steel output fell 2.1% in the region while unchanged in the nation.
The regional resource sector's output fell 0.5% in February, following a 1.3% gain in January. Nationally, resource output was 0.4% lower in the month. Compared to February 2009, regional resource output was up 3.0%, while national resource output rose 3.9%. "Three of the five subsectors of the regional resource sector — food, chemical, and nonmetallic production — decreased from January to February, while paper and wood production increased,” the Fed said.
