Recent Updates

  • Spain: Migration (2018)
  • South Africa: PPI (Nov), Export & Import Price Indexes, Wholesale Trade Sales, Construction Activity (Oct)
  • Ireland: CPI, HICP (Nov), BOP, GDP, IIP (Q3)
  • Israel: Quantity of New Dwellings Demanded (Oct-Press)
  • Norway: Monetary Policy Decision (Dec)
  • Iceland: Public Finance (Q3)
  • Brazil: Retail Trade (Oct)
  • China: Government Finance, FDI (Nov)
  • more updates...

Economy in Brief

U.S. Industrial Production Declines
by Tom Moeller  April 15, 2015

Overall industrial output fell 0.6% during March (+2.0% y/y) following an unrevised 0.1% February uptick. Improved weather caused utility output to fall 5.9%, reversing February's increase. A 0.3% decline in production had been expected in the Action Economics Forecast Survey. To the upside, manufacturing sector production improved 0.1% (2.4% y/y) after an unrevised 0.2% decline.

A 0.2% (3.2% y/y) increase in business equipment output followed a 0.8% rise. Transit equipment output improved 0.6% (3.8% y/y) and information processing production ticked 0.1% higher (3.7% y/y). Continuing weak, however, was consumer goods production which posted a 0.6% decline (+0.9% y/y). Nondurable goods output fell 1.2% (-0.2% y/y), held back by a 5.0% drop in energy output. Non-energy production gained 0.1% (1.0% y/y) as food product production improved 0.7% (0.3% y/y) and clothing output rose 0.3% (1.1% y/y). Chemical production, however, fell 0.8% (+2.8% y/y). Durable consumer goods production rebounded 1.7% (4.4% y/y) as automotive product production gained 3.0% (5.3% y/y), making up a 2.9% February decline. A 0.5% shortfall (+5.3% y/y) in appliance & furniture production offset the increase. Construction supplies output fell 0.9% (+2.6% y/y) and mining production declined 0.8% (+3.7% y/y), off 3.1% during the last six months.

Within the special aggregate series, high technology industries production rebounded 0.3% (4.0% y/y) following three straight monthly declines. Computers & office equipment output increased 1.1% (1.1% y/y). Communications equipment production was unchanged (6.4% y/y). Factory sector production excluding the high-tech sector ticked 0.1% lower (+2.2% y/y) after being unchanged. Manufacturing production excluding both high-tech and autos slipped 0.1% (+2.1% y/y).

The capacity utilization rate fell to 78.4% and remained below the recovery high of 79.8% reached in November. In the factory sector, the capacity utilization rate held steady at 77.1%, its lowest since October. Total industry capacity rose 3.0% y/y while factory sector capacity increased 2.1% 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) Mar Feb Jan Mar Y/Y 2014 2013 2012
Total Output -0.6 0.1 -0.4 2.0 4.2 2.9 3.8
Manufacturing 0.1 -0.2 -0.6 2.4 3.5 2.7 4.1
  Consumer Goods -0.6 0.6 0.1 0.9 2.8 2.4 1.7
  Business Equipment 0.2 0.8 -0.8 3.3 5.2 3.6 7.5
  Construction Supplies -0.9 -0.3 -0.9 2.6 4.2 4.2 4.6
Materials -0.5 -0.1 -0.5 3.2 5.1 3.2 4.5
Utilities -5.9 5.7 3.3 -4.4 1.3 2.1 -2.1
Capacity Utilization (%) 78.4 79.0 79.1 79.1 79.1 78.0 77.3
 Manufacturing 77.1 77.1 77.4 76.8 77.2 76.1 75.5
close
large image