Tuesday, September 28, 2010

Midwest manufacturing index drops 1.4% in August

Richmond-area index also drops

The Chicago Federal Reserve Bank’s Midwest Manufacturing Index (CFMMI) decreased 1.4 percent in August, to a seasonally adjusted level of 79.9. Revised data show the index rose 1.9 percent in July to 81.0.

Here are some of the numbers contained in the report:
• Regional auto sector output fell 6.9 percent;
• Regional machinery sector production edged up 0.3 percent
• Regional steel sector output grew 0.8 percent; and
• Regional resource sector production rose 0.9 percent.

The region’s auto sector production fell 6.9 percent in August after increasing 7.6 percent in July. The Midwest’s machinery sector production edged up 0.3 percent in August after ticking up 0.2 percent in July. The nation’s machinery production increased 0.7 percent in August.

Meanwhile, the Richmond Fed's seasonally adjusted composite index of manufacturing activity fell to -2 in September from +13 in August. Shipments fell fifteen points to -4, new orders lost 10 points to finish at 0, and the jobs index declined fifteen points to -3.

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