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Economy in Brief
Delay in Release
of Data for Construction, MSIO, Intl Trade, Wholesale Trade, Monthly Treasury, Retail Sales, Business Sales & Inventories, and Housing Starts Due to Lapse in Federal Government Funding.
Empire State Manufacturing Activity Weakens Sharply
The Empire State Manufacturing Index of General Business Conditions declined to 3.9 in January...
U.S. Prices of Energy Products Are Mixed
Gasoline prices averaged a fairly steady $2.25 per gallon this past week (-12.1% y/y)...
EMU Trade Balance Stays Stubbornly Large
The EMU trade balance widened to 15.1 billion euros in November from 13.5 billion euros in October...
FIBER: Industrial Commodity Prices Exhibit Broad-based Weakness
The FIBER Industrial Materials Price Index has been weakening since late-June...
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% |
