NEW YORK - The Chicago Fed Midwest Manufacturing Index gained 1.0% in February to a seasonally adjusted level of 91.7, as three of the four regional sectors showed improvement, the Federal Reserve Bank of Chicago reported Monday.
Nationally, the Federal Reserve Board's industrial production index for manufacturing rose 0.4% in February. Overall manufacturing output in the region gained 10.1% from a year earlier, compared to 5.4% growth in output nationally in that period.
The January report showed a revised 2.1% increase to 90.8, originally reported as a 1.3% jump to 90.1.
The regional auto sector's output increased 2.2% in the month, after a 5,1% surge in January, while national output grew 0.9%. Nationally, auto sector output gained 12.9% from a year ago while the Midwest auto sector's output increased 18.7% year-over-year, according to the Fed.
The regional machinery sector's output increased 1.2% in the month, following a 0.7% climb in January. Nationally, machinery sector output grew 0.6% in the month. On a year-over-year basis, machinery output grew 10.9% in the region while rising 4.8% in the nation.
The regional steel sector's output rose 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 grew 13.9% in the region while climbing 9.8% in the nation.
The regional resource sector's output slid 0.2% in February, following a 0.7% rise in January. Nationally, resource output fell 0.2% in the month. Compared to February 2011, regional resource output grew 2.5%, while national resource output rose 1.5%. "The food, wood, and chemical subsectors of the regional resource sector decreased from January to February, but the paper and nonmetallic subsectors increased,” the Fed said.