The 2020 Mid-Year Economic Update_long

Chicago Fed Midwest Manufacturing Index Down 1.2% in October

Regional machinery, resource and steel sectors declined, and auto sector production was flat.

The Chicago Fed Midwest Manufacturing Index (CFMMI) decreased 1.2 percent in October, to a seasonally adjusted level of 92.1 (2007 = 100). Revised data show the index was down 0.6 percent in September. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) moved down 0.8 percent. Regional output rose 5.9 percent from a year earlier, and national output increased 2 percent.

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The region’s auto sector production was unchanged in October after decreasing 1.8 percent in September. National auto production moved down 0.1 percent. The Midwest’s automotive output was up 13.5 percent in October relative to its year-ago level, and national automotive output was up 6.5 percent.

The Midwest’s machinery sector production declined 2.5 percent in October after moving down 0.2 percent in September. The nation’s machinery production decreased 1 percent. Regional machinery output was up 4.7 percent from its year-ago level, and national machinery output was up 2.6 percent.

The region’s steel sector output moved down 0.5 percent in October, following a 1.2 percent decrease in the previous month. The nation’s steel output was down 0.5 percent in October. Regional steel output was up 6.5 percent from its October 2011 level, and national steel output was up 2.6 percent.

The Midwest resource sector’s output decreased 1.9 percent in October after increasing 0.6 percent in September. The national resource sector’s output fell 1.1 percent. Production in the regional resource sector’s food, paper, chemical and nonmetallic mineral subsectors decreased from September to October, while production in its wood subsector increased. Compared with a year ago, regional resource output was down 0.1 percent in October, while national resource output was up 0.1 percent.

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