The Chicago Fed Midwest Manufacturing Index climbed 0.3% in March to a seasonally adjusted level of 96.5, as three of the four regional sectors improved, the Federal Reserve Bank of Chicago reported Monday.
Nationally, the Federal Reserve Board's industrial production index for manufacturing dipped 0.1% in March. Overall manufacturing output in the region gained 6.4% from a year earlier, compared to 2.9% growth in output nationally in that period.
The February report showed a revised 1.1% increase to 96.2, originally reported as a 0.8% gain to 96.3.
The regional auto sector's output gained 1.2% in the month, after a 0.1% slip in February, while national output climbed 1.1%. Nationally, auto sector output added 5.6% from a year ago while the Midwest auto sector's output surged
13.3% year-over-year, according to the Fed.
The regional resource sector's output added 0.4% in March, following a 0.4% increase in February. Nationally, resource output rose 0.2% in the month. Compared to March 2012, regional resource output gained 3.4%, while national resource output rose 2.1%. "Production in the regional resource sector's food and chemical subsectors increased from February to March, while production it its wood and paper subsectors decreased and production in its nonmetallic mineral subsector was unchanged," according to the Fed release.
The regional machinery sector's output grew 0.1% in the month, following a 2.5% jump in February. Nationally, machinery sector output dropped 0.5% in the month. On a year-over-year basis, machinery output grew 2.5% in the region while rising 2.6% in the nation.
The regional steel sector's output fell 1.1% in the month, following a 2.8% rise in February. Nationally, steel sector output declined 1.3% in the month. On a year-over-year basis, steel output grew 4.3% in the region while climbing 2.3% in the nation.
