NEW YORK - The Chicago Fed Midwest Manufacturing Index climbed 1.0% in September to a seasonally adjusted level of 82.3 after the August report showed a revised 1.6% increase to 81.6, originally reported as a 0.3% drop to 80.1, the Federal Reserve Bank of Chicago reported today.
Nationally, the Federal Reserve Board's industrial production index for manufacturing rose 1.0% in September. Overall manufacturing output in the region dropped 15.7% from a year earlier, compared to a 7.2% decline in output nationally in that period.
The regional auto sector's output grew 5.5% in the month, after a 1.8% rise in August, while national output was up 3.4%. Nationally, auto sector output dropped 6.8% from a year ago while the Midwest auto sector's output slumped 16.3% year-over-year, according to the Fed.
The regional steel sector's output increased 1.3% in the month, following a 2.2% gain in August. Nationally, steel sector output was up 0.8% in the month. On a year-over-year basis, steel output fell 31.4% in the region while falling 21.3% in the nation.
The regional resource sector's output rose 0.2% in September, following a 2.1% gain in August. Nationally, resource output was up 0.4% in the month. Compared to September 2008, regional resource output was 2.4% worse while national resource output was flat. "Two of the five subsectors of the resource sector — wood and chemical production — increased from August to September; nonmetallic mineral and paper production decreased; and food production stayed constant,” the Fed said.
The regional machinery sector's output dropped 1.8% in the month, following a 1.1% increase in August. Nationally, machinery sector output grew 0.2% in the month. On a year-over-year basis, machinery output slid 25.1% in the region while falling 12.6% in the nation.
