The 2020 Mid-Year Economic Update_long

Chicago Fed Midwest Manufacturing Index Increases in July

Improvements in the Manufacturing Index are the first gains in over a year.
The Chicago Fed Midwest Manufacturing Index increased 2.6% in July, to a seasonally adjusted level of 79.7 (2002 = 100), its first increase in over a year and highest since September 2003. Revised data show the index edged down 0.3% in June, to 77.7. The Federal Reserve Board’s industrial production index for manufacturing was up 1.1% in July. Regional output in July declined 22.8% from a year earlier – more of a decline than the 14.3% decrease in national output.
 
Regional auto sector production jumped 16.3% in July after increasing 0.5% in June. The nation’s auto output rose 6.6% in July. The Midwest’s automotive output was down 32.4% in July relative to its year-ago value, and the nation’s auto output was down 20.1%.
 
The region’s steel sector output edged down 0.1% in July after decreasing 1.1% in June. The nation’s steel output was up 0.1% in July. Regional steel output dropped 37.3% from its July 2008 level, and national steel output fell 25.8%.
 
The Midwest resource sector’s output decreased 0.2% in July after declining 0.4% in June. The national resource sector’s output was unchanged in July. Of the five subsectors of the resource sector, only food production decreased from June to July, while chemical, paper, nonmetallic mineral, and wood production rose. Compared with a year ago, regional resource output was down 8.7% in July, and the national resource output declined 7.6%.
 
The Midwest’s machinery sector output moved down 2.2% in July after edging down 0.2% in June. The nation’s machinery output increased 0.3% in July. Regional machinery output in July was 27.4% below year-earlier levels, and national machinery output was down 17.0%.
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