·
Industrial production rose 0.3% in November following a downwardly
revised 0.6% rise the prior month. Consensus expectations had been for a
0.2% rise. · Production in the
factory sector rose 0.3% (4.7% y/y). Slower increases recently pulled
the three month gain in factory sector production down to 2.0% (AR)
versus this year's peak of 8.6% in April. And the slowdown has been
broad based. Factory sector output excluding motor vehicles &
high tech rose 0.3% in November and the three month growth rate fell to
0.8%.
· Though November output in the high tech sector rose a firm 1.1%, the three month growth rate fell to 9.0% versus the peak of 38.2% in August 2003. Excluding high tech, factory output rose 0.3% last month and the three month growth rate fell to 1.2% from this year's peak of 8.2%.
· Motor vehicles output fell 0.7% in November but output of appliances, furniture & carpeting rose 1.2% (-0.8% y/y). Clothing output was unchanged m/m and down 2.6% y/y)
· Total capacity utilization rose to 77.6% from a downwardly revised October. Capacity grew 1.6% y/y.
· "Ringing In the New Year with an Investment Bust?" from the Federal Reserve Bank of St. Louis can be found here.