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Economy in Brief
Philadelphia Fed Factory Conditions Plunge
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index retreated to 19.9 during June...
U.S. FHFA House Price Index Improves Minimally
The FHFA U.S. house price index nudged 0.1% higher (6.4% y/y) during April...
U.S. Initial Unemployment Insurance Claims Down Slightly
Initial claims for unemployment insurance were 218,000 during the week ended June 16...
U.S. Existing Home Sales Decline While Prices Rise
The NAR U.S. existing home sales fell 0.4% (-3.0% y/y) during May to 5.430 million units (AR)...
U.S. Current Account Deficit Widens
The U.S. current account deficit rose to $124.1 billion during Q1 2018...
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% |
