The 2020 Mid-Year Economic Update_long

Chicago Fed Midwest Manufacturing Index Down in June

The industrial production index for manufacturing also fell.

The Chicago Fed Midwest Manufacturing Index (CFMMI) decreased 0.5 percent in June, to a seasonally adjusted level of 79.4 (2007 = 100). Revised data show the index rose 1.7 percent in May to 79.7. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) decreased 0.3 percent in June. Regional output in June rose 13.2 percent from a year earlier, and national output increased 8.9 percent.

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The region’s steel sector output grew 0.9 percent in June after rising 3.0 percent in May. The nation’s steel output was up 1.1 percent in June. Regional steel output rose 25.1 percent from its June 2009 level, and national steel output was up 15.6 percent.

The Midwest’s machinery sector production went up 0.6 percent in June after increasing 1.3 percent in May. The nation’s machinery production increased 0.5 percent in June. Regional machinery output in June was up 6.8 percent from year-earlier levels, and national machinery output was up 14.8 percent.

Regional auto sector production edged down 0.2 percent in June after moving up 3.0 percent in May. National auto output decreased 0.4 percent in June. The Midwest’s automotive output was up 36.2 percent in June relative to its year-ago level, and the nation’s auto output was up 17.1 percent.

The Midwest resource sector’s output declined 1.4 percent in June after increasing 0.5 percent in May. The national resource sector’s output was down 0.8 percent in June. Four subsectors of the regional resource sector – food, wood, paper, and chemical production – decreased from May to June, while nonmetallic production increased. Compared with a year ago, regional resource output was up 4.2 percent in June, and national resource output was up 3.1 percent.

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