The Chicago Fed Midwest Manufacturing Index (CFMMI) fell 0.6 percent in August, according to a report released by the organization Wednesday.
The Index fell to a seasonally adjusted level of 107.3 in August. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) was unchanged in August. Regional output, however, was higher than a year ago by 5.5 percent.
All four of the regional sectors marked a decrease in August. The steel sector dropped by 0.2 percent with regional resource output down by 0.5 percent.
The Midwest machinery sector dropped by 0.6 percent and auto output was down by the largest margin in the region for the month at 0.8 percent.
Midwest steel output decreased 0.2 percent and the Midwest resource sector’s output decreased 0.5 percent for the month. All sub-sectors noted a downturn, which includes paper, wood, regional chemical and nonmetallic mineral.
Midwest machinery output dropped 0.6 percent in August after a 3.3 percent increase in July.
The CFMMI is a monthly estimate of manufacturing output in the region by major industry. The region includes Illinois, Indiana, Iowa, Michigan and Wisconsin and represents a composite of 15 different manufacturing industries.The entire report can be read by clicking here.