New data from the Chicago Fed shows that manufacturing outpt across the U.S. Midwest continued to grow last month, as the Fed’s Midwest Manufacturing Index (CFMMI) increased 1.5% in August from the previous month and 4% from 12 months ago.
The CFMMI is an index that uses hours worked data as a measure of industry output in the Midwest region, which includes Illinois, Indiana, Iowa, Michigan and Wisconsin.
Over the past year, production in three of the four industry sectors tracked by the Fed have increased:
- Auto sector +4.1% YOY (plastics and rubber products, transportation equipment)
- Machinery sector +0.8% YOY (machinery, computers, & electronic equipment, appliances and components manufacturing)
- Resource sector +0.4% YOY (food, paper, wood products, chemicals and nonmetallic mineral products)
- Steel sector -0.1% YOY (primary metal industries, fabricated metal products)
Click here to read the full report from the Chicago Fed.