Midwest Factory Report Shows Increase in Output
Manufacturing ticks up in June after May decline.
Jul. 29, 2013Steve Minter | IndustryWeek
The Chicago Fed Midwest Manufacturing Index moved up 0.4% in June and was 3.5% higher than in June 2012.
Factory output in the Midwest increased 0.4% in June, the Chicago Fed reported today, as its monthly index increased to 96.0. The manufacturing index slightly outgained the Federal Reserve’s industrial production index, which showed an increase of 0.3% in June. Revised data showed the index was down 0.5% in May.
Production in all four sectors tracked by the Chicago Fed increased in June:
- Machinery production rose 0.4%
- Resource sector output moved up 0.4%
- Steel output improved 0.3%, and
- Auto sector production rose 0.1%
Compared to June 2012, regional output was up 3.5% while national manufacturing output was 2.1% higher. Midwest automotive output showed the strongest gain, up 7.3% in June compared to a year ago. While machinery production was up nationally by 2.3% compared to June 2012, Midwest output was down 1.1%.