Econintersect: Econintersect’s analysis of USA nationwide manufacturing shows its growth rate at 5.1% year-over-year (analysis here) – but the midwest region appears to be outperforming according to information released today by the Chicago Fed.
The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 1.3% in January…….. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) increased 0.8% in January. Regional output in January rose 9.0% from a year earlier,and national output increased 4.7%.
The caveat with this data release from the Chicago Fed is that they are reporting on January production – where the Fed Reserve’s Industrial Production data has already released February data – so this new information is already a month out of phase. Still, the data is showing that the national manufacturing data is being driven from the midwest.
Production improved in three of the four regional sectors in January:
- Regional auto sector production increased 4.1%;
- Regional machinery sector production rose 1.1%;
- Regional steel sector output moved up 0.9%; and
- Regional resource sector output decreased 0.8%.
source: Chicago Fed