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Economy in Brief

U.S. Industrial Production Improves
by Tom Moeller  July 16, 2013

Industrial production grew 0.4% during June following a 0.1% May slip, earlier reported as +0.1%. A 0.3% rise had been expected in the Action Economics survey. Factory sector production edged up 0.2% (1.7% y/y) following a 0.3% decline during April. Utility output slipped 0.1% (-0.3% y/y) after a 2.7% drop. (Past utility output figures were revised.)

Consumer goods production recovered 0.5% (2.2% y/y) following two months of 0.3% decline. Motor vehicle output increased 1.2% (5.9% y/y). Elsewhere, computers, video & audio output gained 2.3% (1.5% y/y) but appliance, furniture & related goods production was unchanged (3.3% y/y). In the nondurables area, apparel output slipped 0.2% (-0.3% y/y) but paper production recovered 0.4% (-4.1% y/y). Chemical production was unchanged (-0.7% y/y).

 Business equipment output increased 0.6% (2.3% y/y). Production of industrial & other equipment rose 1.1% (0.9% y/y) while transit equipment production gained 0.5% (4.5% y/y). Working the other way, output of information processing and related equipment declined 1.0% (+3.4% y/y). Output of high-tech products rose 1.2% (6.2% y/y). Excluding the output of high tech products & motor vehicles, factory production ticked up 0.1% (1.3% y/y) during June.

The capacity utilization rate ticked up to 77.8% from a downwardly revised 77.7% in May. In the factory sector, the rate also moved up minimally to 76.1%. Overall industry capacity rose 1.8% y/y while factory sector capacity increased 1.5% y/y. 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) Jun May Apr Jun Y/Y 2012 2011 2010
Total Output 0.4 -0.1 -0.3 2.1 3.6 3.3 5.7
Manufacturing 0.2 0.3 -0.3 1.8 3.9 3.4 6.1
  Consumer Goods 0.5 -0.3 -0.3 2.2 1.6 1.5 1.1
  Business Equipment 0.6 -0.1 -0.2 2.3 8.3 5.6 8.3
  Construction Supplies 0.0 -0.1 -1.1 3.7 5.2 3.0 3.6
Materials 0.3 0.2 -0.2 2.3 4.1 4.7 8.8
Utilities -0.1 -2.7 -1.6 -0.3 -2.1 -0.2 3.6
Capacity Utilization (%) 77.8 77.7 77.9 77.7 77.6 76.5 74.0
 Manufacturing 76.1 76.0 75.9 75.9 75.8 74.0 71.3
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