The Chicago Federal Reserve reported today that its Midwest Manufacturing Index increased 1.1% in June compared to May, reversing most of the revised 1.4% monthly decline in May. On an annual basis, regional manufacturing activity in the 7th Federal Reserve district improved by 11% in June from a year ago, about twice the annual 5.6% increase in the national manufacturing component of industrial production through June (see chart above). In comparison, the overall U.S. economy (real GDP) grew by only 2.2% over the same period from Q2 2011 to Q2 2012.
Here are some other highlights of manufacturing activity in the 7th Federal Reserve district that covers Illinois, Indiana, Iowa, Michigan, and Wisconsin:
1. Regional machinery output in April gained 12.2% from its year-earlier level, compared to a 7.3% increase in machinery output at the national level.
2. Regional steel output improved 11.0% from its June 2011 level, compared to a 6.4% increase in national steel output over that period.
3. The Midwest’s automotive output increased by 21.9% in June from its year-ago level, compared to a 15.2% gain in national automotive output. The index level of 95.8 for Midwest auto sector production in June marked the third straight month that auto manufacturing was above a reading of 95. That was the first time since December 2007 to February 2008 that Midwest auto production was above an index level of 95 for three straight months, indicating that the auto industry in the Midwest is returning to its pre-recession level of production.
MP: Midwest manufacturing output growth over the last year (11%) continues to lead national manufacturing output growth (5.6%), which continues to lead overall economic growth measured by real GDP (2.2%). Today's Chicago Fed report suggests that U.S. manufacturing, especially in the Midwest, remains at the forefront of the economic recovery measured by growth rates in real output.
1. Regional machinery output in April gained 12.2% from its year-earlier level, compared to a 7.3% increase in machinery output at the national level.
2. Regional steel output improved 11.0% from its June 2011 level, compared to a 6.4% increase in national steel output over that period.
3. The Midwest’s automotive output increased by 21.9% in June from its year-ago level, compared to a 15.2% gain in national automotive output. The index level of 95.8 for Midwest auto sector production in June marked the third straight month that auto manufacturing was above a reading of 95. That was the first time since December 2007 to February 2008 that Midwest auto production was above an index level of 95 for three straight months, indicating that the auto industry in the Midwest is returning to its pre-recession level of production.
MP: Midwest manufacturing output growth over the last year (11%) continues to lead national manufacturing output growth (5.6%), which continues to lead overall economic growth measured by real GDP (2.2%). Today's Chicago Fed report suggests that U.S. manufacturing, especially in the Midwest, remains at the forefront of the economic recovery measured by growth rates in real output.
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