Chicago Fed Midwest Manufacturing Index Increases 1.9% in March - Modern Distribution Management

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Chicago Fed Midwest Manufacturing Index Increases 1.9% in March

The Federal Reserve Board's industrial production index for manufacturing rose 0.7 percent in March.
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The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 1.9 percent in March, to a seasonally adjusted level of 85.0 (2007 = 100). The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) rose 0.7 percent in March. Regional output in March rose 12.5 percent from a year earlier, and national output increased 7.1 percent.

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Revised data show the CFMMI increased 1.3 percent in February to 83.4.

All four regional sectors increased in March.

The region’s auto sector production increased 4.7 percent in March after rising 4.0 percent in February. National auto output rose 1.8 percent in March. The Midwest’s automotive output was up 20.3 percent in March relative to its year-ago level, and national automotive output was up 9.4 percent.

The region’s steel sector output rose 2.3 percent in March after increasing 1.2 percent in the previous month. The nation’s steel output was up 0.8 percent in March. Regional steel output was up 19.7 percent from its March 2010 level, and national steel output was up 11.4 percent.

The Midwest’s machinery sector production moved up 1.6 percent in March after increasing 0.8 percent in February. The nation’s machinery production increased 0.4 percent in March. Regional machinery output in March was up 17.1 percent from its year-earlier level, and national machinery output was up 13.5 percent.

The Midwest resource sector’s output improved 0.9 percent in March after decreasing 0.8 percent in the previous month. The national resource sector’s output also improved 0.9 percent in March. The wood, paper, chemical, and nonmetallic subsectors of the regional resource sector increased from February to March, while the food subsector decreased. Compared with a year ago, regional resource output was up 3.4 percent in March and national resource output was up 2.8 percent.

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