NEW YORK - The Chicago Fed Midwest Manufacturing Index jumped 1.7% in May to a seasonally adjusted level of 86.7 after the April report showed a revised 1.3% increase to 85.2, originally reported as a 1.2% rise to 85.2, the Federal Reserve Bank of Chicago reported today.
Nationally, the Federal Reserve Board's industrial production index for manufacturing grew 0.8% in May. Overall manufacturing output in the region gained 13.2% from a year earlier, compared to 8.4% growth in output nationally in that period.
The regional steel sector's output increased 3.7% in the month, following a 2.4% gain in April. Nationally, steel sector output was up 2.0% in the month. On a year-over-year basis, steel output grew 24.0% in the region while climbing 15.1% in the nation.
The regional auto sector's output increased 3.6% in the month, after a 1.1% gain in April, while national output was up 2.0%. Nationally, auto sector output soared 16.2% from a year ago while the Midwest auto sector's output surged 38.1% year-over-year, according to the Fed.
The regional machinery sector's output rose 1.1% in the month, following a 2.7% increase in April. Nationally, machinery sector output climbed 1.2% in the month. On a year-over-year basis, machinery output grew 5.0% in the region while rising 11.7% in the nation.
The regional resource sector's output gained 0.2% in May, following a 0.1% gain in April. Nationally, resource output was 0.2% lower in the month. Compared to May 2009, regional resource output was up 5.4%, while national resource output rose 4.0%. "Four subsectors of the regional resource sector — food, wood, paper, and nonmetallic production — increased from April to May, while chemical production decreased,” the Fed said.
