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Economy in Brief
U.S. New Home Sales Almost Unchanged Since August
New single-family home sales around the country changed very little in October and also in September...
U.S. Q3 Growth GDP Unrevised at 33.1%; Corporate Profits Rebound
The second estimate of Q3 U.S. real GDP indicated that economic activity rose an unrevised 33.1% q/q...
U.S. Durable Goods Orders Rise Further in October
Manufacturers’ orders for durable goods increased 1.3% m/m (-0.3% y/y) in October...
U.S. Goods Trade Deficit Deepens During October
The advance estimate of the U.S. trade deficit in goods deepened to $80.29 billion during October...
U.S. Initial Jobless Claims Rise for a Second Week
Initial claims for regular state unemployment insurance rose again this past week ending November 21 to 778,000...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller June 15, 2005
With a 0.3% rise in May, industrial production recovered all of the prior month's deepened 0.3% decline. Consensus expectations had been for a 0.2% gain.
The headline figure masked a sharper improvement in factory sector output which rose 0.6% (3.3% y/y) following two months of modest decline. Scattered industry gains were strongest for machinery (6.7% y/y), electrical equipment (2.2% y/y) aerospace (7.9% y/y) and high tech (19.5% y/y). Excluding the high tech sector factory output rose 0.4% (2.3% y/y) and reversed the decline during the prior two months.
Motor vehicle output rose a slight 0.1% (+1.4% y/y) following two months of sharp decline. Output of furniture fell 0.2% (-3.6% y/y), the fourth monthly decline this year.
Total capacity utilization rose to 79.4% and capacity grew 1.2% y/y. Factory sector utilization rose to 78.2% versus 76.7% last May and capacity rose 1.4% y/y.
| Production & Capacity | May | April | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Industrial Production | 0.3% | -0.3% | 2.7% | 4.1% | -0.0% | -0.3% |
| Consumer Goods | 0.5% | -0.9% | 1.4% | 2.7% | 0.3% | 1.4% |
| Business Equipment | 0.8% | 1.0% | 8.1% | 9.5% | 1.2% | -7.9% |
| Capacity Utilization | 79.4% | 79.1% | 78.2% (05/04) | 78.1% | 75.5% | 75.3% |
