Chicago Fed: Manufacturing Dropped in September
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…
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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
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
