·
A surprising 4.8% jump in mining output pushed the gain in overall industrial
output last month to 0.7% and that exceeded Consensus expectations for a
0.5% rise.
· Factory sector production rose a moderate 0.4% (4.1% y/y) on the heels of the 1.9% spike in October which followed curtailments due to hurricanes.
· Higher output of business equipment again led the strength in factory output. A 0.9% (10.4% y/y) increase last month reflected strong gains in transit equipment (12.8% y/y), information processing equipment (19.4% y/y) and industrial & other (5.0% y/y). Excluding the high tech sector altogether, factory output gained 0.1% (2.5% y/y).
· Consumer goods output fell by 0.8% (+1.4% y/y) led by a 5.2% decline (+0.2% y/y) fall in automotive products. Output of appliances, furniture & carpeting also fell hard by 1.6% (+2.0% y/y) but output of computers, video & audio equipment output rose 4.2% (2.4% y/y). Nondurables output inched up 0.1% with apparel output up 0.8% (-2.6% y/y).
· Total capacity utilization rose to 80.2% and capacity grew 1.6% y/y. Factory sector utilization rose to 79.4% while capacity rose 2.1% y/y.