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Chicago Fed Midwest Manufacturing Index Increased 0.3%
The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 0.3% in March, to a seasonally adjusted level of 96.5 (2007 = 100). Revised data show the index was up 1.1% in February. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG), however, moved down 0.1% in March. Regional output rose 6.4% in March from a year earlier, and national output increased 2.9%.
Production in three of the four regional sectors increased in March:
• Regional auto sector production rose 1.2%;
• Regional resource sector output improved 0.4%;
• Regional machinery sector production moved up 0.1%; and
• Regional steel sector output declined 1.1%.
The region’s auto sector production rose 1.2% in March after decreasing 0.1% in February. National auto production increased 1.1% in March. The Midwest’s automotive output was up 13.3% in March relative to its year-ago level, and national automotive output was up 5.6%.
The Midwest resource sector’s output improved 0.4% in March, matching its increase in February. The national resource sector’s output increased 0.2% in March. Production in the regional resource sector’s food and chemical subsectors increased from February to March, while production it its wood and paper subsectors decreased and production in its nonmetallic mineral subsector was unchanged. Compared with a year ago, regional resource output was up 3.4% in March, and national resource output was up 2.1%.
The Midwest’s machinery sector production moved up 0.1% in March after increasing 2.5% in February. The nation’s machinery production decreased 0.5% in March. Regional machinery output was up 2.5% in March from its year-ago level, and national machinery output was up 2.6%.
The region’s steel sector output declined 1.1% in March, following an improvement of 2.8% in the previous month. The nation’s steel output was down 1.3% in March. Regional steel output was up 4.3% from its March 2012 level, and national steel output was up 2.3%.
Posted: April 29, 2013 Monday 08:30 AM