Recent Updates

  • Thailand: Public Finance (Apr); China: Consumer Confidence, International Trade Final (May)
  • Qatar: Consumer Confidence (Q1)
  • *** Netherland's GDP Rebased to Chained 2015 Euros. We are Currently Working on Processing These Changes. **
  • Belgium: Business Survey (Jun)
  • Canada: CPI (May), Retail Trade (Apr)
  • more updates...

Economy in Brief

U.S. Industrial Production Rebounds M/M But Trend Gain Slows
by Tom Moeller  January 18, 2012

Industrial production recovered 0.4% (2.9% y/y) during December following an unrevised 0.2% November slip. The latest gain roughly matched Consensus expectations, according to Action Economics. Factory sector output rose a stronger 0.9% (3.7% y/y) and reversed the 0.3% November slip. Utility output fell 2.7% (-6.6% y/y), down for the fifth straight month.

Business investment continued to lead growth in the factory sector. Output of business equipment rose 0.7% following no change during November. For the last twelve months output rose a strong 9.4% and by 10.6% for the full year. This y/y gain reflects a one-quarter rise in transit equipment, 5.6% growth in information processing & other, and 5.9% in industrial supplies & other. Output of consumer goods continues to lag. Consumer goods output rose a modest 0.2% last month (0.9% y/y) led by a 0.4% rise (12.5% y/y) in autos. Computers, video & audio recovered a modest 0.7% (1.8% y/y) but appliance, furniture & carpeting production fell 0.6% (+1.8% y/y), down for the third straight month. Nondurables output rose a modest 0.3% (-1.0% y/y), but clothing production fell 1.1% (-7.0% y/y). Less the high-tech & motor vehicle industries industrial production was rose 0.4% last month (2.7% y/y) following a 0.1% November slip.

Capacity utilization fell to 77.8%. In manufacturing alone, utilization slipped m/m to 75.3% but was still up from the recession low of 64.4%. Overall capacity is estimated to have risen 1.2% y/y following a 2.2% decline during 2010. In the factory sector, capacity rose 0.8% y/y. However, it was roughly unchanged less the high-tech industries.

Industrial production and capacity data are included in Haver's USECON database, with additional detail in the IP database. The IP database contains figures with more decimal precision and includes extensive lists of "relative importance" numbers for several breakdowns of production by industry and market group. The expectations figure is in the AS1REPNA database.

Consumption Taking Longer to Respond to Downturns in GDP from the Federal Reserve Bank of Cleveland is available here.

Industrial Production (SA, % Change) Dec Nov Oct Dec Y/Y 2011 2010 2009
Total Output 0.4 -0.2 0.5 2.9 4.2 5.3 -11.2
 Manufacturing 0.9 -0.3 0.4 3.7 4.5 5.4 -13.5
   Consumer Goods 0.2 -0.7 0.6 0.9 2.1 4.3 -7.2
   Business Equipment 0.7 0.0 1.3 9.4 10.6 7.7 -16.3
   Construction Supplies 1.0 -0.3 0.0 4.7 5.1 3.8 -22.5
 Materials 0.5 0.1 0.5 3.1 4.6 6.3 -11.6
 Utilities -2.7 -0.6 -0.2 -6.6 0.1 4.0 -2.6
Capacity Utilization (%) 78.1 77.8 78.1 76.8 77.3 74.5 69.1
 Manufacturing 75.9 75.3 75.6 73.8 74.9 71.7 66.2
close
large image