Chicago Fed: Manufacturing Dropped in September
October 29, 2012 by Jon C. Ogg
There is another economic report to digest ahead of closed markets this Monday. The Chicago Fed Midwest Manufacturing Index fell by 0.4% in the month of September. The new reading is down to a seasonally adjusted level of 93.4, with 2007 as the par benchmark. Revised data show that the index was down 1.8% in the month of August.
The Federal Reserve Board’s industrial production index for manufacturing actually did manage to show a gain in the month of September, but only by 0.2%. The Chicago Fed said that regional output rose 8.5% in September from a year earlier, and national output increased 3.5%.
One issue that stood out was that the region’s auto sector production declined by 2.2% in September, after falling by some 5.3% in August. This is while the Midwest’s automotive output was up 16.4% in September on a year-over-year basis, and while national automotive output was up 9.4%. The Midwest’s machinery sector production fell by 0.3% in September, after moving down 0.2% in August. The region’s steel sector output declined 0.1% in September, following a 0.9% decrease in the previous month. And the Midwest resource sector’s output increased 0.9% in September, after it was unchanged in August.
The Midwest district includes the five states comprising Illinois, Indiana, Iowa, Michigan and Wisconsin, and today’s report is a composite index of 15 manufacturing industries.
JON C. OGG
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.