Chicago Fed factory index falls again in July

Biz.Yahoo/Reuters ^ | September 11, 2003

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Chicago Fed factory index falls again in July
Thursday September 11, 12:01 pm ET

 NEW YORK, Sept 11 (Reuters) - The Chicago Federal Reserve Bank
said on Thursday its Midwest manufacturing index fell for the
sixth straight month in July, even as national factory output
recovered.
 The Chicago Fed's manufacturing index fell 0.3 percent to
107.5 in July from a revised 107.8 in June.
 "While July marked the third consecutive monthly increase in
factory output for the nation, it was the sixth consecutive
monthly decline in factory output in Midwest manufacturing
production," said Chicago Fed senior economist William Strauss.
 The July report was rebenchmarked to incorporate information
from the 2001 Annual Survey of Manufacturers, resulting in changes
to the index levels.
 Declines in output were reported by the machinery and
resources sectors, while output in steel and auto sectors improved
in July.
 The Chicago Fed Midwest Manufacturing Index is a monthly
estimate of manufacturing output in the region by major
industries. The survey covers the five states that make up the
seventh Federal Reserve district: Illinois, Indiana, Iowa,
Michigan and Wisconsin.
 Following is a breakdown of the index components:
 Percent change:
.          July  June   May  July 03/02
CFMMI      -0.3  -0.1  -0.7   -5.1
Auto       +0.6  -0.7  -1.1   -3.3
Steel      +0.6  -1.5  -0.7   -7.3
Machinery  -1.6  -0.3   0.0   -5.4
Resources  -0.8  -0.1  -1.0   -5.4
 Index (1997 = 100)
.          July   June    May
CFMMI      107.5  107.8  107.9
Auto       147.3  146.4  145.5
Steel       96.3   95.7   97.2
Machinery   90.4   91.9   92.2
Resources   95.5   96.3   96.4

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The full Chicago Fed Res Bank report (.pdf) is at Chicago Fed Midwest Manufacturing Index - July

[Starwind]

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