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Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller July 15, 2005
Industrial production in June jumped 0.9% and handily beat Consensus expectations for a 0.4% rise. The gain was inflated by warmer weather which raised utility output by 5.3%. Factory sector output rose 0.4% (3.8% y/y) following a downwardly revised 0.4% increase in May.
Output of computers & peripheral equipment jumped 1.3% (12.5% y/y) though high tech output overall rose just 0.3% (17.0% y/y). Excluding the high tech sector factory output rose 0.5% (3.1% y/y) due to a 2.9% (6.9% y/y) rise in motor vehicle output and a 0.8% (9.2% y/y) increase in aerospace. Electrical equipment fell 0.1% (+1.0% y/y) and machinery output rose 0.2% (7.0% y/y).
Total capacity utilization rose to 80.0% and capacity grew 1.1% y/y. Factory sector utilization rose to 78.4% versus 76.5% last June and capacity rose 1.3% y/y.
The Relationship Between Capacity Utilization and Inflation from the Federal Reserve Bank of Philadelphia can be found here.
Production & Capacity | June | May | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Industrial Production | 0.9% | 0.3% | 4.0% | 4.1% | -0.0% | -0.3% |
Consumer Goods | 1.2% | 0.7% | 4.1% | 2.7% | 0.3% | 1.4% |
Business Equipment | 0.2% | 1.0% | 8.2% | 9.5% | 1.2% | -7.9% |
Capacity Utilization | 80.0% | 79.4% | 77.8% (6/04) | 78.1% | 75.5% | 75.3% |