Chicago Fed Midwest factory activity down in Feb

NEW YORK, April 6 (BestGrowthStock) – The Chicago Federal Reserve
Bank said on Tuesday its Midwest manufacturing index slumped in
February, largely on a reversal from January’s robust growth in
auto production.

The index fell 0.8 percent to a seasonally adjusted 82.6
from an upwardly revised 83.2 in January, which was originally
reported at 83.1.

Compared with a year earlier, Midwest output edged down 0.5
percent, significantly lower than the 2.0-percent national
increase.

Midwest auto sector production dropped by 2.8 percent in
the month after January’s steep 4.7 percent increase. Compared
with a year earlier, the region’s automotive output is up 10.0
percent, according to the report.

Regional steel output continued to increase, gaining 0.9
percent after a 1.5 percent rise in January. It was the only
industry sector to grow in February of the four the index
tracks.

Machinery sector output fell by 0.2 percent after rising
1.7 percent the prior month, while resource sector output was
down 0.5 percent compared with a 1.3 percent uptick in
January.

Three out of five segments of the resource sector — food,
chemical and nonmetallic production — dipped in February,
while wood and paper production grew.

The region’s resource output is now up 3.0 percent compared
to one year ago, but less than the national year-on-year
increase of 3.9 percent.

The Chicago Fed Midwest Manufacturing Index is a monthly
estimate of manufacturing output in the region by major
industries. The survey covers the five states that make up the
seventh Federal Reserve district: Illinois, Indiana, Iowa,
Michigan and Wisconsin.

Following is a breakdown of the index components and
percentage changes compared with previous months:

FEB JAN FEB 10/09
CFMMI -0.8 2.0 -0.5
Auto -2.8 4.7 10.0
Steel 0.9 1.5 -2.1
Machinery -0.2 1.7 -12.8
Resources -0.5 1.4 3.0

Index (2002=100)

Feb Jan
CFMMI 82.6 83.2
Auto 56.5 58.1
Steel 72.3 71.1
Machinery 105.2 105.7
Resources 100.7 100.9

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(Reporting by Camille Drummond; Editing by Padraic Cassidy)

Chicago Fed Midwest factory activity down in Feb