NEW YORK - The Chicago Fed Midwest Manufacturing Index dipped 0.5% in June to a seasonally adjusted level of 79.4 after the May report showed a revised 1.7% increase to 79.7, originally reported as a 1.7% rise to 86.7, the Federal Reserve Bank of Chicago reported today.
Nationally, the Federal Reserve Board's industrial production index for manufacturing fell 0.3% in June. Overall manufacturing output in the region gained 13.2% from a year earlier, compared to 8.9% growth in output nationally in that period.
The regional steel sector's output increased 0.9% in the month, following a 3.0% gain in May. Nationally, steel sector output was up 1.1% in the month. On a year-over-year basis, steel output grew 25.1% in the region while climbing 15.6% in the nation.
The regional machinery sector's output rose 0.6% in the month, following a 1.3% increase in May. Nationally, machinery sector output climbed 0.5% in the month. On a year-over-year basis, machinery output grew 6.8% in the region while rising 14.8% in the nation.
The regional auto sector's output decreased 0.2% in the month, after a 3.0% gain in May, while national output was off 0.4%. Nationally, auto sector output soared 17.1% from a year ago while the Midwest auto sector's output surged 36.2% year-over-year, according to the Fed.
The regional resource sector's output dropped 1.4% in June, following a 0.5% gain in May. Nationally, resource output was 0.8% lower in the month. Compared to June 2009, regional resource output was up 4.2%, while national resource output rose 3.1%. "Four subsectors of the regional resource sector — food, wood, paper, and chemical production — decreased from May to June, while nonmetallic production increased,” the Fed said.
