Recent Updates
- US: Public Debt (Feb), Mfrs' Shipments Inventories & Orders (Jan), Productivity & Costs with Revisions (Q4)
- Global Sector PMIs (Feb)
- Canada: Labor Productivity & Unit Labor Cost (Q4)
- Philippines: Int'l Reserves & Foreign Currency Liquidity (Jan)
- more updates...
Economy in Brief
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...
U.S. Productivity's Decline Lessened in Q4'20; Reverses Q3 Increase
Revisions to nonfarm business sector productivity indicated a 4.2% decline during Q4'20...
EMU Unemployment Rate Steadies in January
The overall EMU unemployment rate was steady in January, off peak, but still elevated...
U.S. ADP Nonfarm Private Payroll Increase Disappoints in February
Job market strength moderated last month....
U.S. ISM Services Index Weakens in February
The ISM Composite Index of Services Activity declined to 55.3 during February...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller November 17, 2005
Industrial output last month rebounded 0.9% following the effects of Hurricane's Katrina & Rita which lowered September output by a revised 1.5%. The increase about matched Consensus expectations for a 1.0% gain.
Another sharp decline of 1.9% in utility output (+1.3% y/y) which followed two consecutive months of 0.9% drop held back the gain in total output. Mining output (-0.6%) also fell for the fourth consecutive month (-8.1% y/y). These declines were offset by a 1.5% spurt in factory sector production (3.3% y/y) which more than recovered the prior month's 0.7% shortfall.
A huge 6.5% (8.5% y/y) gain in output of business equipment led the strength in factory output last month. The strength was paced by a 36.8% rise in transit equipment which was recovering from a 25.5% plunge in September. Output of computers, peripheral equipment & semiconductors also were strong and rose 1.7% (24.8% y/y) led by a 2.8% jump in communications equipment (23.2% y/y). Excluding the high tech sector altogether, factory output gained 1.3% (1.8% y/y).
Output of appliances, furniture & carpeting fell 0.6% (+3.5% y/y) but output of nonenergy, nondurables rose 0.2% (1.6% y/y) led by a 0.6% (0.8% y/y) increase in chemical production. Clothing output fell 2.5% (-2.2% y/y).
Total capacity utilization rose to 79.5% and capacity grew 1.6% y/y. Factory sector utilization rose to 79.0% while capacity rose 2.0% y/y. Figures for both output and capacity were upwardly revised
Production & Capacity | Oct | Sept | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Industrial Production | 0.9% | -1.5% | 2.0% | 4.1% | 0.6% | 0.1% |
Consumer Goods | -0.4% | 0.5% | 2.0% | 2.1% | 1.0% | 2.2% |
Business Equipment | 6.5% | -4.6% | 8.5% | 9.3% | 0.0% | -7.8% |
Capacity Utilization | 79.5% | 78.9% | 79.2% (10/04) | 78.6% | 75.7% | 75.2% |