June 27th, 2011
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.
- 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