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Economy in Brief
U.S. Energy Prices Are Mixed
Retail gasoline prices slipped to $2.88 per gallon last week (+24.2% y/y)...
U.S. Home Builder Index Backpedals
The Composite Housing Market Index from the NAHB-Wells Fargo fell 2.9% (+3.0% y/y) to 68 during June ...
Japan's Loses Its Trade Surplus
In May, Japan has logged its second trade deficit in 13 months and only its third in the last 28 months...
U.S. Industrial Production Slips Unexpectedly
The Federal Reserve reported that industrial production eased 0.1% (+3.5% y/y) during May...
Empire State Manufacturing Index Continues to Strengthen
The Empire State Manufacturing Index of General Business Conditions rose to 25.0 during June, the highest level in eight months...
by Robert Brusca August 6, 2007
Year-over-year and six-month trends in UK IP are steady at a pacifistic 1%. But over the past three months UK IP has now accelerated strongly to a pace of just under 4% (at 3.6%).
UK IP is up strongly in Q2 (see end of the table). The overall gain in MFG is a rate of 2.8% Capital goods are leading the growth in Q2 with a quarterly rise at a pace of 4.9%; Consumer durables are the trailing category with a pace of just +0.3% in Q2. Vehicle sales have been firm, propelling vehicle output up at a 13.4% pace in Q2. Mining activity has been strong at 3.1% in the quarter but its growth patterns seems to show some cooling. Electricity, gas and water output have been weak, at a pace of 0.1% in the quarter, but apart from that the sector’s trends look solid.
| SAAR except M/M | M/M | Jun-07 | May-07 | Jun-07 | May-07 | Jun-07 | May-07 | |||
| UK MFG | Jun-07 | May-07 | Apr-07 | 3-Mo | 3-Mo | 6-mo | 6-mo | 12-mo | 12-mo | Q-2-Date |
| MFG | 0.2% | 0.4% | 0.3% | 3.6% | 4.8% | 0.8% | 0.8% | 1.0% | 1.0% | 2.8% |
| Consumer Durables | 3.4% | -0.9% | -1.5% | 3.9% | -2.3% | -3.2% | -8.6% | 0.5% | -3.1% | 0.3% |
| Consumer Nondurables | -0.6% | 0.6% | 0.4% | 1.6% | 4.1% | -2.6% | 0.2% | -0.2% | -0.1% | 1.4% |
| Intermediate | 0.2% | 0.7% | 0.0% | 3.9% | 2.6% | 3.9% | 1.3% | 0.3% | -0.1% | 2.1% |
| Capital | 0.5% | 0.5% | 0.6% | 6.4% | 7.6% | 3.0% | 1.8% | 3.0% | 2.9% | 4.9% |
| Memo: Detail | 1-Mo% | 1-Mo% | 1-Mo% | 3-Mo | 3-Mo | 6-mo | 6-mo | 12-mo | 12-mo | Q-2-Date |
| Food Drink & Tobacco | -0.2% | 0.3% | 0.1% | 0.8% | 2.4% | -2.3% | 0.0% | -0.4% | 0.6% | 0.4% |
| Textile & Leather | 1.4% | -0.9% | 0.5% | 3.8% | 3.4% | 0.0% | -0.7% | 0.2% | -0.2% | 3.5% |
| Motor Vehicles & Trailer | 2.1% | 0.5% | 1.3% | 17.1% | 17.0% | 13.5% | 9.5% | 4.3% | 2.7% | 13.4% |
| Mining and Quarry | -1.0% | 1.3% | 0.9% | 4.9% | -1.0% | 9.1% | 2.1% | -0.4% | -2.7% | 3.1% |
| Electricity, Gas & Water | 1.0% | 2.4% | -1.2% | 9.0% | 0.8% | 3.1% | 1.0% | 0.7% | 0.1% | 0.1% |
