NEW YORK - The Chicago Fed Midwest Manufacturing Index dropped 1.4% in August to a seasonally adjusted level of 79.9 after the July report showed a revised 1.9% increase to 81.0, originally reported as a 2.2% climb to 81.4, the Federal Reserve Bank of Chicago reported today.
Nationally, the Federal Reserve Board's industrial production index for manufacturing rose 0.2% in August. Overall manufacturing output in the region gained 8.5% from a year earlier, compared to 6.5% growth in output nationally in that period.
The regional auto sector's output decreased 6.9% in the month, after a 7.6% rise in July, while national output was off 1.8%. Nationally, auto sector output gained 7.8% from a year ago while the Midwest auto sector's output surged 12.2% year-over-year, according to the Fed.
The regional machinery sector's output rose 0.3% in the month, following a 0.2% increase in July. Nationally, machinery sector output climbed 0.7% in the month. On a year-over-year basis, machinery output grew 8.1% in the region while rising 12.2% in the nation.
The regional steel sector's output increased 0.8% in the month, following a 0.8% gain in July. Nationally, steel sector output was up 1.1% in the month. On a year-over-year basis, steel output grew 21.7% in the region while climbing 13.1% in the nation.
The regional resource sector's output climbed 0.9% in August, following a 0.5% decline in July. Nationally, resource output was 0.7% higher in the month. Compared to August 2009, regional resource output was up 4.2%, while national resource output rose 2.7%. "Only the nonmetallic subsector of the regional resource sector decreased from July to August, while food, wood, paper and chemical production increased,” the Fed said.
