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Economy in Brief
U.S. Mortgage Applications Continue to Weaken
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The new home sales market is unraveling...
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Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
State Coincident Indexes in April 2022
State Labor Markets in April 2022
Profits & Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
by Tom Moeller December 14, 2012
The rebound in industrial sector output from Hurricane Sandy totaled
1.1% (2.5% y/y) last month following a deepened 0.7% October decline, last
month reported as -0.4%. The Fed indicated that virtually all of last
month's increase in output was due to the passage of the storm. A 0.3%
gain in industrial output had been expected. A weakening trend is
indicated by the 1.2% y/y increase in factory sector output which was down
from the 4.3% rise during all of last year as well as versus 5.7% in 2010.
In the manufacturing sector, a 0.9% increase (1.2% y/y) in output just made up for October's 1.0% drop. The pattern is the same for the 1.3% m/m gains in consumer goods and business equipment output, although the latter's 7.5% y/y rise easily outpaced the 1.2% y/y increase for consumer goods. Output of transit equipment gained 2.5% last month (15.2% y/y) and paced the business equipment jump. Electrical equipment output also was strong and increased 2.3% (6.4% y/y) while machinery production rose 1.0% (3.7% y/y). Production of computers & electronic components, however, fell 0.4% and was up a relatively weak 1.8% y/y. In the consumer sector, automotive products production rose 3.4% last month (7.7% y/y) but furniture & appliance production increased a lesser 1.0% (2.5% y/y). Clothing output jumped 2.4% (-3.4% y/y) while computer production increased just 0.8% and fell 4.3% y/y. Outside of the auto & high-tech sectors altogether, factory sector industrial production rose 0.8% last month (1.7% y/y) and didn't full recover October's 1.1% decline.
The capacity utilization rate rose to 78.4% and recovered its October fall. In the factory sector, the rate also rose to 76.6% and made up for the October decline to 75.9%.
Industrial production and capacity data are included in Haver's USECON database, with additional detail in the IP database. The expectations figure is in the AS1REPNA database.
Industrial Production (SA, % Change) | Nov | Oct | Sep | Nov Y/Y | 2011 | 2010 | 2009 |
---|---|---|---|---|---|---|---|
Total Output | 1.1 | -0.7 | 0.2 | 2.5 | 4.1 | 5.4 | -11.4 |
Manufacturing | 0.9 | -1.0 | -0.1 | 1.2 | 4.3 | 5.7 | -13.8 |
Consumer Goods | 1.3 | -1.3 | 0.4 | 1.2 | 2.3 | 1.1 | -6.9 |
Business Equipment | 1.3 | -1.3 | -0.3 | 7.5 | 8.3 | 8.3 | -18.2 |
Construction Supplies | 1.4 | -0.4 | 0.5 | 2.8 | 5.6 | 3.8 | -22.9 |
Materials | 1.0 | -0.1 | 0.2 | 2.7 | 4.6 | 8.4 | -11.5 |
Utilities | 1.1 | 0.0 | -0.8 | 0.7 | -0.3 | 3.6 | -2.5 |
Capacity Utilization (%) | 78.4 | 77.7 | 78.3 | 77.7 | 76.8 | 73.7 | 68.5 |
Manufacturing | 76.6 | 75.9 | 76.7 | 75.7 | 75.0 | 71.3 | 65.5 |