NEW YORK - The Chicago Fed Midwest Manufacturing Index jumped 1.4% in April to a seasonally adjusted level of 85.2 after the March report showed a revised 1.5% increase to 84.2, originally reported as a 1.3% rise to 84.1, the Federal Reserve Bank of Chicago reported today.
Nationally, the Federal Reserve Board's industrial production index for manufacturing grew 1.1% in April. Overall manufacturing output in the region gained 7.5% from a year earlier, compared to 6.5% growth in output nationally in that period.
The regional steel sector's output increased 2.9% in the month, following a 2.2% gain in March. Nationally, steel sector output was up 1.93% in the month. On a year-over-year basis, steel output grew 15.8% in the region while climbing 11.0% in the nation.
The regional machinery sector's output rose 1.8% in the month, following a 1.3% increase in March. Nationally, machinery sector output climbed 0.9% in the month. On a year-over-year basis, machinery output slid 0.7% in the region while rising 8.1% in the nation.
The regional resource sector's output gained 1.0% in April, following a 1.1% gain in March. Nationally, resource output was 0.7% higher in the month. Compared to April 2009, regional resource output was up 7.5%, while national resource output rose 5.4%. "All five subsectors of the regional resource sector — food, wood, paper, chemical, and nonmetallic production — increased from March to April,” the Fed said.
The regional auto sector's output increased 0.1% in the month, after a 2.4% gain in March, while national output was off 0.2%. Nationally, auto sector output soared 10.0% from a year ago while the Midwest auto sector's output jumped 15.8% year-over-year, according to the Fed.
