Home » Chicago Fed Midwest Manufacturing Index Declines 0.4% In February
Chicago Fed Midwest Manufacturing Index Declines 0.4% In February
April 5, 2009
The Chicago Fed Midwest Manufacturing Index decreased 0.4% in February to a seasonally adjusted level of 83.8 (2002 = 100). Revised data show the index declined 6.7% in January, to 84.2.
The Federal Reserve Board's industrial production index for manufacturing fell 0.7% in February. Regional output in February was down 22.2% from a year earlier - lower than the 13.8% decline in national output.
The region's steel sector output moved down 4.7% in February after declining 6.2% in January. The nation's steel output was down 2.7% in February. Regional steel output dropped 30.8% from its February 2008 level, and national steel output fell 21.2%.
The Midwest's machinery sector output decreased 4.2% in February after moving down 3.1% in January. The nation's machinery output decreased 2.8% in February. Regional machinery output in February was 18.9% below year-earlier levels, and national machinery output was down 14.2%.
The Midwest resource sector's output edged down 0.1% in February after decreasing 0.8% in January. The increase from January to February in food production was offset by decreases in the other four subsectors-chemical, paper, wood, and nonmetallic mineral production. The national resource sector's output ticked down 0.1% in February. Compared with a year ago, regional resource output was down 10.9% in February, and the national resource output declined 9.5%.
Regional auto sector production rose 7.7% in February after dropping 21.7% in January. The nation's auto output increased 2.1% in February. The Midwest's automotive output was down 38.0% in February relative to its year-ago value, and the nation's auto output was down 22.5%.