Recent Updates
- China: Foreign Reserves (Feb)
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Economy in Brief
U.S. Consumer Credit Outstanding Declines in January
Consumers reduced credit balances further in January...
U.S. Trade Deficit Widens to $68.2 Billion in January
The U.S. trade deficit in goods and services widened to $68.2 billion in January...
German Order Growth Gets Back in Gear Despite the Headwinds
German order growth is back in gear with total orders rising by 1.4% m/m in January...
U.S. Factory Orders & Shipments Rise Again in January
Manufacturing activity is strengthening. Factory orders rose 2.6% (2.8% y/y) in January...
U.S. Initial Unemployment Insurance Claims Rise Just 9,000
Initial claims for unemployment insurance rose modestly by 9,000 to 745,000 in the week ended February 27...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller April 15, 2005
Industrial production matched Consensus expectations and rose 0.3% in March following a downwardly revised 0.2% gain in February. The increase was due to cold weather which lifted utility output by 3.7% (5.0% y/y).
Factory sector output fell 0.1% (+4.2% y/y) for the first decline since September. Excluding a 0.9% (20.0% y/y) rise in high tech sector output, manufacturing production fell 0.2% (+3.1% y/y).
Motor vehicle & parts led output lower and fell 3.6% (+2.1% y/y). Excluding both high tech & motor vehicles factory in March, output ticked up 0.1% (3.2% y/y). Output of furniture was unchanged (-0.7% y/y) but clothing output fell 1.9% (-10.0% y/y). Machinery output rose 0.5% (7.3% y/y) and production of electrical equipment, appliances & components rose 0.4% (4.0% y/y).
Total capacity utilization rose to 79.4% as capacity grew 1.2% y/y. Factory sector utilization fell to 78.0% and capacity rose 1.3% y/y.
Yesterday's speech by Federal Reserve Board Governor Donald L. Kohn on the Economic Outlook can be found here.
| Production & Capacity | Mar | Feb | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Industrial Production | 0.3% | 0.2% | 3.9% | 4.1% | -0.0% | -0.3% |
| Consumer Goods | -0.2% | 0.5% | 2.4% | 2.7% | 0.3% | 1.4% |
| Business Equipment | 0.2% | 0.2% | 8.7% | 9.5% | 1.2% | -7.9% |
| Capacity Utilization | 79.4% | 79.3% | 77.4% (03/04) | 78.1% | 75.5% | 75.3% |
