Midwest Manufacturing Index Gains in May 2011

June 27th, 2011
in econ_news

Econintersect: Manufacturing still growing in the Midwest despite slowdowns in other sectors of the economy.

The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 0.6% in May, to a seasonally adjusted level of 84.0 (2007 = 100). Revised data show the index decreased 0.9% in April to 83.6. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) increased 0.4% in May. Regional output in May rose 7.1% from a year earlier, and national output increased 4.1%.

This release reminds us that Industrial Production (IP) released by the Federal Reserve is much broader than manufacturing (including mining and utility production) - and IP may have been flat for the last two months (analysis here) but manufacturing itself was expanding.

Follow up:

But as the Chicago Fed points out, manufacturing remains in an uptrend for most of 2011.  Individual sectors:

  • Regional steel sector output increased 1.6%;
  • Regional machinery sector production rose 1.1%;
  • Regional auto sector production improved 0.8%; and
  • Regional resource sector output decreased 0.5%.

source: Chicago Fed


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