The Chicago Fed Midwest manufacturing index was up 0.5% in July at a seasonally adjusted level of 84.8, as three of the four regional sectors showed improvement, the Federal Reserve Bank of Chicago reported Monday.
Nationally, the Federal Reserve Board’s industrial production index for manufacturing gained 0.6% in July. Overall manufacturing output in the region gained 6.2% from a year earlier, compared to 4.2% growth in output nationally.
The June report showed a revised 0.3% rise to 84.4, originally reported as unchanged at 84.0.
Meanwhile, the Midwest economy index slid to positive 0.03 in July from positive 0.36 in June, the bank reported Monday. The region was outperforming the nation as a whole, the Fed said, as the relative MEI posted a positive 0.85 reading in July, down from a positive 1.05 reading in June.
