The 2020 Mid-Year Economic Update_long

Chicago Fed Midwest Manufacturing Index Increases in September

Three of four broad categories post gains during the month, lead by increases in auto sector production.

The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 1.0% in September, to a seasonally adjusted level of 82.3 (2002 = 100). Revised data show the index rose 1.6% in August, to 81.6. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) was also up 1.0% in September. Regional output in September declined 15.7% from a year earlier, and national output decreased 7.2%.

Regional auto sector production rose 5.5% in September after increasing 1.8% in August. The nation’s auto output rose 3.4% in September. The Midwest’s automotive output was down 16.3% in September relative to its year-ago value, and the nation’s auto output was down 6.8%.

The region’s steel sector output increased 1.3% in September after rising 2.2% in August. The nation’s steel output was up 0.8% in September. Regional steel output dropped 31.4% from its September 2008 level, and national steel output fell 21.3%.

The Midwest resource sector’s output rose 0.2% in September after moving up 2.1% in August. The national resource sector’s output was up 0.4% in September. Two of the five subsectors of the resource sector – wood and chemical production – increased from August to September; nonmetallic mineral and paper production decreased; and food production stayed constant. Compared with a year ago, regional resource output was down 2.4% in September, and national resource output was unchanged.

The Midwest’s machinery sector output declined 1.8% in September after increasing 1.1% in August. The nation’s machinery output edged up 0.2% in September. Regional machinery output in September was 25.1% below year-earlier levels, and national machinery output was down 12.6%.

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