Recent Updates

  • Markit PMI: Manufacturing Survey - Japan (Flash - Jan)
  • Japan: International Trade (Dec-Prelim)
  • New Zealand: Jobs Online Index (Dec); Australia: Multifactor Productivity Indexes (2017)
  • Euro area: Bank Lending Survey (Q1); Consumer Confidence (Jan-Flash)
  • Greece: Travel Balance of Payments (Nov)
  • Turkey: Consumer Confidence (Jan); Israel: Exports of Services (Nov); South Africa: Business Cycle Indicators (Nov);
  • more updates...

Economy in Brief

Industrial Production Sags in August
by Robert Brusca  September 14, 2012

Industrial production weak month, still up on quarter

IP fell sharply in August ( the Fed had this number in its pocket at the FOMC meeting yesterday) led by a 3.7% drop in utilities output. But MFG alone also fell sharply, dropping by 0.7% in the month. Inventories have been piling up. Still MFG is up at a 0.4% pace in Q2 with two months under our belt. Durable goods output is up at a 1.7% annual rate with non-durable goods output shrinking at a -0.3% annual rate.

Consumer goods lead the pull back with output down by 1.3% in August as both durable goods and non-durable goods output contracted. Business equipment output is off by 0.2% in August. Material output fell by 1.5% in August to complete the trifecta of weakness.

But in Q3, with two months of data in consumer goods output is falling at a -0.3% annual rate; business equipment output is rising at a 7.0% annual rate and materials output is up at a 0.4% annual rate.

Industrial Production
  Monthly % Chg At Annual rates of Change SAAR
  Month-to-Month % Chg 3-Mo 6-Mo Year/Year 2012-Q3
Industrial Output Aug-12 Jul-12 Jun-12 % Chg % Chg % Chg Pct Chg
All Prod & Materials -1.2% 0.6% 0.1% -2.1% -0.6% 2.8% 0.3%
All Products -1.0% 0.3% 0.2% -1.7% -0.2% 2.6% 0.3%
Final Products -0.8% 0.4% 0.3% -0.4% 0.8% 3.2% 1.7%
Utilities -3.7% 1.3% -2.7% -20.3% 3.3% -4.7% -3.2%
Mining -1.9% 1.0% 0.5% -1.4% 0.2% 3.0% 1.9%
Manufacturing -0.7 0.3% 0.5% 0.4% -1.1% 3.7% 0.4%
Manufacturing Durables -1.1% 0.5% 0.8% 0.8% 1.2% 7.3% 1.7%
Manufacturing Nondurables -0.3% 0.3% 0.0% 0.0% -3.0% 0.4% -0.3%
Consumer Goods -1.3% 0.4% -0.1% -3.8% -1.3% 0.2% -0.3%
Durables -2.9% 0.9% 0.1% -7.7% -3.9% 5.5% -3.8%
Automotive Prod -4.7% 0.5% 0.5% -15.0% -8.8% 6.4% -9.9%
Ex Automotive Prod -0.5% 1.4% -0.4% 2.0% 2.8% 4.5% 4.9%
Nondurables -0.6% 0.2% -0.2% -2.6% -0.2% -1.3% 0.7%
Non Energy -0.1% 0.2% -0.1% 0.0% -1.7% 0.2% -0.4%
Cons Energy -2.1% 0.2% -0.6% -10.1% 4.9% -5.4% 4.2%
Business Equipment -0.2% 0.1% 1.9% 7.4% 7.5% 11.4% 7.0%
Transportation -0.4% 3.6% 2.8% 24.5% 21.7% 25.2% 30.8%
Computers and Office Eqpt -0.1% -0.6% -1.1% -7.1% -8.5% -7.0% -8.3%
Ex Tech and Transp 0.1% -0.9% 1.6% 3.1% 4.3% 8.7% 1.8%
Materials -1.5% 0.9% 0.0% -2.4% -0.8% 3.1% 0.4%
Durables -1.1% 0.7% 0.8% 1.6% -0.6% 6.2% 1.8%
Nondurables ex Energy -0.2% 0.7% -0.2% 0.9% -4.0% 1.1% -0.4%
Energy -2.7% 1.3% -0.6% -8.3% 1.1% 1.0% -0.4%
close
large image