The 2020 Mid-Year Economic Update_long

Chicago Fed Midwest Manufacturing Index Improves in October

All four regional industry sectors included in the CFMMI posted increases.

The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 0.5% in October, to a seasonally adjusted level of 82.9 (2002 = 100). Revised data show the index rose 0.7% in September to 82.5. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) was down by 0.1% in October. Regional output in October declined 13.6% from a year earlier, and national output decreased 7.5%.

All four regional industry sectors increased in October.

Regional auto sector production rose 0.8% in October after increasing 4.6% in September. The nation’s auto output declined by 0.8% in October. The Midwest’s automotive output was down 11.7% in October relative to its year-ago value, and the nation’s auto output was down 3.9%.

The region’s steel sector output increased 0.8% in October after rising 1.4% in September. The nation’s steel output was up 0.5% in October. Regional steel output dropped 27.2% from its October 2008 level, and national steel output fell 17.9%.

The Midwest’s machinery sector output increased by 0.7% in October after decreasing by 1.6% in September. The nation’s machinery output fell 0.4% in October. Regional machinery output in October was 22.9% below year-earlier levels, and national machinery output was down 11.6%.

The Midwest resource sector’s output rose 0.3% in October after holding steady in September. The national resource sector’s output was also up 0.3% in October. Three of the five subsectors of the regional resource sector – paper, food, and chemical production – increased from September to October, while nonmetallic mineral and wood production decreased. Compared with a year ago, regional resource output was down 3.5% in October, and national resource output was down 2.0%

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