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Economy in Brief
U.S. CPI Unchanged in July with Drop in Energy Prices
Consumer prices were unchanged in July after an outsized 1.3% m/m jump in June...
U.S. Federal Government Budget Deficit Shrinks in July
The U.S. Treasury Department reported a federal budget deficit of $211.1 billion in July...
U.S. Mortgage Applications Rose Slightly in the Latest Week
Mortgage applications increased 0.2% (-62.9% y/y) from one week earlier...
German Inflation Rises
The German inflation rate as measured by the HICP accelerated to 8.4% in July...
U.S. Productivity Declines in Q2, Pushing Unit Labor Costs Higher
Nonfarm business sector productivity fell 4.6% (AR) during Q2'22...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller Industrial Production Rebounded In June July 17, 2007
For June, industrial production rebounded 0.5% after a revised 0.1% decline during the prior month. The magnitude of the rebound matched Consensus expectations.
Little of the figures were distorted by movement in the utility or in the mining categories. As a result, factory output rose 0.5% after a revised no change in May.
Consumer goods output surged 0.7% (1.6% y/y) led by a 2.5% (-1.7% y/y) pop in motor vehicle output. Production of computers & electronics also rose a strong 1.1% (9.3% y/y) while output of furniture rose a tentative 1.2% (-4.1% y/y). To the downside was production of apparel by 2.4% (-3.4% y/y.
Production of business equipment was unchanged for the second consecutive month (3.4% y/y), held back by a 0.6% decline in output of industrial & other equipment. Information processing & related equipment rose 0.4% (5.7% y/y.
Capacity utilization rose to 81.7%from 81.4% in May as capacity rose 0.1% (2.1% y/y for the fifth strait month.
How Accurate Are Real-Time Estimates of Output Trends and Gaps? from the Federal Reserve Bank of Richmond can be found here.
INDUSTRIAL PRODUCTION (SA) | June | May | Y/Y | 2006 | 2005 | 2004 |
---|---|---|---|---|---|---|
Total | 0.5% | -0.1% | 1.3% | 4.0% | 3.2% | 2.5% |
Manufacturing | 0.5% | 0.0% | 1.6% | 4.7% | 3.9% | 2.9% |
Mining | 0.6% | 0.3% | -0.9% | 2.7% | -1.6% | -0.6% |
Utilities | 0.3% | -1.6% | 0.7% | 0.2% | 2.0% | 1.4% |