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Chicago Fed Midwest Manufacturing Index Increased 0.8%
The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 0.8% in February, to a seasonally adjusted level of 96.3 (2007 = 100). Revised data show the index was up 0.4% in January. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved up 0.6% in February. Regional output rose 5.9% in February from a year earlier, and national output increased 2.4%.
Production in three of the four regional sectors increased in February:
• Regional machinery sector production rose 1.7%;
• Regional steel sector output improved 1.6%;
• Regional resource sector output moved up 0.5%; and
• Regional auto sector production decreased 0.1%.
The Midwest’s machinery sector production rose 1.7% in February after decreasing 0.1% in January. The nation’s machinery production increased 0.7% in February. Regional machinery output was up 2.0% in February from its year-ago level, and national machinery output was up 1.8%.
The region’s steel sector output improved 1.6% in February, following a decline of 0.4% in the previous month. The nation’s steel output was up 0.1% in February. Regional steel output was up 3.8% from its February 2012 level, and national steel output was up 1.7%.
The Midwest resource sector’s output moved up 0.5% in February after holding steady in January. The national resource sector’s output increased 0.3% in February. Production in all five of the regional resource sector’s subsectors (wood, paper, chemical, food, and nonmetallic mineral) increased from January to February. Compared with a year ago, regional resource output was up 2.6% in February, and national resource output was up 1.6%.
The region’s auto sector production decreased 0.1% in February after increasing 1.9% in January. National auto production increased 0.9% in February. The Midwest’s automotive output was up 12.4% in February relative to its year-ago level, and national automotive output was up 5.7%.
Posted: April 8, 2013 Monday 08:30 AM