NEW YORK - The Chicago Fed Midwest Manufacturing Index soared 1.9% in January to a seasonally adjusted level of 83.1 after the December report showed a revised 0.5% decrease to 81.5, originally reported as a 0.3% drop to 84.1, the Federal Reserve Bank of Chicago reported today.
Nationally, the Federal Reserve Board's industrial production index for manufacturing grew 1.0% in January. Overall manufacturing output in the region climbed 0.6% from a year earlier, compared to 2.1% growth in output nationally in that period.
The regional auto sector's output surged 4.5% in the month, after a 0.8% drop in December, while national output was up 2.3%. Nationally, auto sector output soared 22.7% from a year ago while the Midwest auto sector's output jumped 9.2% year-over-year, according to the Fed.
The regional machinery sector's output gained 1.4% in the month, following a 0.7% increase in December. Nationally, machinery sector output climbed 1.9% in the month. On a year-over-year basis, machinery output slid 15.9% in the region while rising 0.9% in the nation.
The regional steel sector's output increased 1.3% in the month, following a 2.2% gain in December. Nationally, steel sector output was up 0.7% in the month. On a year-over-year basis, steel output fell 7.6% in the region while falling 2.9% in the nation.
The regional resource sector's output grew 1.3% in January, following a 1.4% slide in December. Nationally, resource output was 1.1% higher in the month. Compared to January 2009, regional resource output was up 5.4%, while national resource output rose 5.7%. "Four of the five subsectors of the regional resource sector — food, wood, chemical, and nonmetallic production — increased from December to January, while paper production decreased,” the Fed said.
