NEW YORK - The Chicago Fed Midwest Manufacturing Index grew 0.6% in May to a seasonally adjusted level of 84.0, 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 increased 0.4% in May. Overall manufacturing output in the region gained 7.1% from a year earlier, compared to 4.1% growth in output nationally in that period.
The April report showed an unrevised 0.9% decrease to 83.6.
The regional steel sector's output jumped 1.6% in the month, following a 0.3% rise in April. Nationally, steel sector output was up 0.2% in the month. On a year-over-year basis, steel output grew 16.5% in the region while climbing 9.3% in the nation.
The regional machinery sector's output grew 1.1% in the month, following a 0.3% increase in April. Nationally, machinery sector output jumped 1.2% in the month. On a year-over-year basis, machinery output grew 12.1% in the region while rising 8.1% in the nation.
The regional auto sector's output increased 0.8% in the month, after a 3.8% drop in April, while national output was unchanged. Nationally, auto sector output gained 3.8% from a year ago while the Midwest auto sector's output increased 6.7% year-over-year, according to the Fed.
The regional resource sector's output slipped 0.5% in May, following a 0.2% drop in April. Nationally, resource output was 0.2% lower in the month. Compared to May 2010, regional resource output was up 1.4%, while national resource output rose 1.7%. "The paper, chemical, and nonmetallic subsectors of the regional resource sector increased from April to May, while the food and wood subsectors decreased,” the Fed said.
