NEW YORK - The Chicago Fed Midwest Manufacturing Index jumped 1.3% in March to a seasonally adjusted level of 84.1 after the February report showed a revised 0.1% decrease to 83.1, originally reported as a 0.8% drop to 82.6, the Federal Reserve Bank of Chicago reported today.
Nationally, the Federal Reserve Board's industrial production index for manufacturing grew 0.9% in March. Overall manufacturing output in the region gained 4.7% from a year earlier, compared to 5.1% growth in output nationally in that period.
The regional auto sector's output increased 2.2% in the month, after a 2.2% drop in February, while national output was up 1.4%. Nationally, auto sector output soared 8.6% from a year ago while the Midwest auto sector's output jumped 13.3% year-over-year, according to the Fed.
The regional steel sector's output increased 1.7% in the month, following a 0.9% gain in February. Nationally, steel sector output was up 1.3% in the month. On a year-over-year basis, steel output grew 7.8% in the region while climbing 6.7% in the nation.
The regional machinery sector's output rose 1.5% in the month, following a 0.3% increase in February. Nationally, machinery sector output climbed 1.7% in the month. On a year-over-year basis, machinery output slid 5.5% in the region while rising 7.9% in the nation.
The regional resource sector's output gained 0.6% in March, following a 0.9% gain in February. Nationally, resource output was 0.2% higher in the month. Compared to March 2009, regional resource output was up 7.1%, while national resource output rose 6.0%. "Three of the five subsectors of the regional resource sector — food, wood, and nonmetallic production — increased from February to March, while paper and chemical production decreased,” the Fed said.
