NEW YORK - The Chicago Fed Midwest Manufacturing Index gained 2.2% in July to a seasonally adjusted level of 81.4 after the June report showed a revised 0.2% decrease to 79.6, originally reported as a 0.5% slide to 79.4, the Federal Reserve Bank of Chicago reported today.
Nationally, the Federal Reserve Board's industrial production index for manufacturing rose 1.1% in July. Overall manufacturing output in the region gained 13.1% from a year earlier, compared to 8.1% growth in output nationally in that period.
The regional auto sector's output increased 7.2% in the month, after a 0.4% drop in June, while national output was up 4.4%. Nationally, auto sector output soared 12.5% from a year ago while the Midwest auto sector's output surged 27.0% year-over-year, according to the Fed.
The regional steel sector's output increased 2.2% in the month, following a 0.5% gain in June. Nationally, steel sector output was up 1.1% in the month. On a year-over-year basis, steel output grew 24.7% in the region while climbing 14.4% in the nation.
The regional machinery sector's output rose 0.9% in the month, following a 0.5% increase in June. Nationally, machinery sector output climbed 0.8% in the month. On a year-over-year basis, machinery output grew 9.6% in the region while rising 13.3% in the nation.
The regional resource sector's output dropped 0.1% in July, following a 0.4% decline in June. Nationally, resource output was 0.2% higher in the month. Compared to July 2009, regional resource output was up 5.6%, while national resource output rose 3.5%. "Two subsectors of the regional resource sector — food and wood production — decreased from June to July, while paper, chemical and nonmetallic production increased,” the Fed said.
