NEW YORK - The Chicago Fed Midwest Manufacturing Index soared 0.7% in October to a seasonally adjusted level of 80.9 after the September report showed a revised 0.2% increase to 80.3, originally reported as a 0.1% gain to 80.2, the Federal Reserve Bank of Chicago reported Monday.
Nationally, the Federal Reserve Board's industrial production index for manufacturing grew 0.6% in October. Overall manufacturing output in the region gained 8.6% from a year earlier, compared to 6.7% growth in output nationally in that period.
The regional machinery sector's output surged 1.5% in the month, following a 0.5% decrease in September. Nationally, machinery sector output jumped 0.9% in the month. On a year-over-year basis, machinery output grew 9.0% in the region while rising 11.7% in the nation.
The regional steel sector's output increased 0.7% in the month, following an flat month in September. Nationally, steel sector output was up 0.1% in the month. On a year-over-year basis, steel output grew 19.3% in the region while climbing 12.0% in the nation.
The regional auto sector's output increased 0.5% in the month, after a 0.4% rise in September, while national output was 0.7% better. Nationally, auto sector output gained 5.6% from a year ago while the Midwest auto sector's output surged 9.1% year-over-year, according to the Fed.
The regional resource sector's output climbed 0.4% in October, following a 0.6% rise in September. Nationally, resource output was 0.2% higher in the month. Compared to October 2009, regional resource output was up 6.3%, while national resource output rose 4.3%. "The food, wood, paper, and nonmetallic production subsectors of the regional resource sector increased from September to October, while the chemical subsector decreased,” the Fed said.
