Midwest Manufacturing Output Decreased in August
According to the Chicago Federal Reserve, the Manufacturing Index (CFMMI) decreased 1.2% in August, to a seasonally adjusted level of 94.1 (2007 = 100). Revised data show the index was up 1.5% in July. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) decreased 0.7% in August. Regional output rose 10.1% in August from a year earlier, and national output increased 4.0%.
Production in two of the four regional sectors decreased in August:
• Regional auto sector production declined 4.0%;
• Regional steel sector output decreased 0.5%;
• Regional resource sector output moved up 0.1%; and
• Regional machinery sector production increased 0.1%.
From my conversations with local manufacturers, they also seem to be seeing a slight slowdown in new business.
For the full Chicago Federal Reserve Manufacturing report, see it here.