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Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
by Tom Moeller January 16, 2015
Industrial production ticked 0.1% lower last month (+4.8% y/y) following an unrevised 1.3% jump. The latest gain was held back by a 7.4% slump (-5.4%) in utility output. The 4.3% average annual gain in total output, however, was the strongest since 2010. Manufacturing sector production improved 0.3% (4.9% y/y) following a 1.3% rise, revised from 1.1%. For the year, factory output rose 3.6%, in the range of increases during the last four years. The December dip matched expectations in the Action Economics Forecast Survey.
Consumer goods production declined 1.2% last month (+2.0% y/y) as nondurable goods output was off 1.3% (+0.9% y/y) and durable goods production declined 0.5% (+5.4% y/y). Motor vehicle & parts production fell 0.9% (+7.0% y/y) but appliance & furniture output rose 1.4%. Business equipment production nudged 0.1% higher (7.5% y/y). A 1.5% rise in information processing equipment offset a 0.9% decline (+5.3% y/y) in transit equipment.
Within the special aggregate series, high technology industries production ticked 0.1% higher (6.3% y/y). It was restrained by a 2.8% decline (-0.1% y/y) in computers & office equipment after a 1.0% jump. Factory sector production excluding the high-tech sector rose 0.3% (4.9% y/y) following a 1.3% increase. Manufacturing production excluding both high-tech and autos improved 0.4% (4.6% y/y) after a 1.0% rise.
The capacity utilization rate fell to 79.7% from its recovery high of 80.0%. For the year, utilization averaged 78.0%, the highest level since 2007. In the factory sector, the capacity utilization rate was unchanged at 78.4%, the expansion high. During all of last year, the utilization rate of 76.1% was the highest since 2007. Total industry capacity rose an improved 3.2% y/y in December while factory sector capacity increased 2.2% 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) | Dec | Nov | Oct | Dec Y/Y | 2014 | 2013 | 2012 |
---|---|---|---|---|---|---|---|
Total Output | -0.1 | 1.3 | 0.0 | 4.8 | 4.3 | 2.9 | 3.8 |
Manufacturing | 0.3 | 1.3 | 0.2 | 4.9 | 3.6 | 2.7 | 4.1 |
Consumer Goods | -1.2 | 2.6 | -0.1 | 2.0 | 2.9 | 2.4 | 1.7 |
Business Equipment | 0.1 | 1.3 | 1.0 | 7.5 | 5.3 | 3.6 | 7.5 |
Construction Supplies | 1.5 | 0.1 | 0.5 | 6.7 | 4.3 | 4.2 | 4.6 |
Materials | 0.4 | 0.8 | -0.2 | 6.5 | 5.2 | 3.2 | 4.5 |
Utilities | -7.4 | 4.2 | 0.5 | -5.4 | 1.2 | 2.1 | -2.1 |
Capacity Utilization (%) | 79.7 | 80.0 | 79.2 | 78.5 | 79.2 | 78.0 | 77.3 |
Manufacturing | 78.4 | 78.4 | 77.5 | 76.4 | 77.2 | 76.1 | 75.5 |