NEW YORK - The Chicago Fed Midwest Manufacturing Index climbed 0.5% in October to a seasonally adjusted level of 82.9 after the September report showed a revised 0.7% increase to 82.5, originally reported as a 1.0% rise to 82.3, the Federal Reserve Bank of Chicago reported today.
Nationally, the Federal Reserve Board's industrial production index for manufacturing slid 0.1% in October. Overall manufacturing output in the region dropped 13.6% from a year earlier, compared to a 7.5% decline in output nationally in that period.
The regional auto sector's output grew 0.8% in the month, after a 4.6% rise in September, while national output was down 0.8%. Nationally, auto sector output dropped 3.9% from a year ago while the Midwest auto sector's output slumped 11.7% year-over-year, according to the Fed.
The regional steel sector's output increased 0.8% in the month, following a 1.4% gain in September. Nationally, steel sector output was up 0.5% in the month. On a year-over-year basis, steel output fell 27.2% in the region while falling 17.9% in the nation.
The regional machinery sector's output gained 0.7% in the month, following a 1.6% decrease in September. Nationally, machinery sector output slipped 0.4% in the month. On a year-over-year basis, machinery output slid 22.9% in the region while falling 11.6% in the nation.
The regional resource sector's output rose 0.3% in October, following a flat September. Nationally, resource output was up 0.3% in the month. Compared to October 2008, regional resource output was 3.5% worse while national resource output fell 2.0%. " Three of the five subsectors of the regional resource sector — paper, food, and chemical production — increased from September to October, while nonmetallic mineral and wood production decreased,” the Fed said.
