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Economy in Brief

U.S. Industrial Production Up Expected 0.3%
by Tom Moeller August 15, 2007

Industrial production rose an expected 0.3% following an upwardly revised gain of 0.6% during June.

Factory output surged another 0.6%, bringing the three month change in output to 1.2%, its best gain in about one year.

Consumer goods output grew 0.4% (2.4% y/y) after the upwardly revised 1.0% June jump. Higher output of automotive products, up 2.4% (8.7% y/y), accounted for much of the gain. Production of computers & electronics fell 0.1% (+16.4 y/y) while output of furniture & appliances fell 1.2% (-4.0% y/y). Production of apparel also fell by 1.4% (-4.0% y/y.

Production of business equipment rose 0.9% (3.8% y/y). Output of industrial & other equipment rose 1.0% (1.4% y/y) and information processing & related equipment output increased 0.7% (7.9% y/y) for the second consecutive month.

Capacity utilization rose to 81.9%from 81.8% in June as capacity rose 0.1% (2.1% y/y).

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) July June Y/Y 2006 2005 2004
Total 0.3% 0.6% 1.4% 4.0% 3.2% 2.5%
Manufacturing 0.6% 0.6% 2.0% 4.7% 3.9% 2.9%
Mining 0.7% 0.4% 0.4% 2.7% -1.6% -0.6%
Utilities -2.1% 0.2% -2.7% 0.2% 2.0% 1.4%
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