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by Tom Moeller January 15, 2016
Overall industrial output declined 0.4% during December following a 0.9% November fall, revised from -0.6%. It was the third consecutive monthly decline and lessened the 2015 increase to 1.3%, its weakest rise in six years. The Action Economics Forecast Survey expected a 0.3% fall.
A 2.0% decline (-7.6% y/y) in utility output accounted for most of last month's shortfall in production. Mining output also eased 0.8% (-11.3% y/y), down for the fourth straight month.
Manufacturing sector production fell 0.1% (+0.8% y/y) for the fourth month in the last five. The 2.0% full year increase was the weakest rise since 2013. Consumer products output fell 0.8% (+0.3% y/y), pulled down by a 1.7% drop (+3.7% y/y) in motor vehicle production. Furniture production fell 0.9% (+1.7% y/y) and machinery production declined 0.5% (-3.0% y/y). In the nondurable goods sector, chemical output was off 0.5% (+1.2% y/y) and apparel production declined 0.3% (-7.0% y/y). Materials production eased 0.3% (-3.1% y/y).
In the special aggregate series, output of high technology products gained 1.4% (1.7% y/y). Output of computers increased 3.0% (8.1% y/y) and bounced back after November's drop. Communications equipment production increased 0.1% (-6.4% y/y) for the second straight month. Overall production excluding the transportation & high technology sectors fell 0.4% (-2.2% y/y), off for the fourth consecutive month. Factory output excluding autos & high tech was unchanged for a second month (+0.5% y/y).
Capacity utilization fell to 76.5%, the lowest rate since July 2013. In the factory sector, the capacity utilization rate eased to 76.0%, the lowest level in six months. Overall industry capacity rose 1.5% y/y while in factory sector it gained (1.2% 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 | 2015 | 2014 | 2013 |
---|---|---|---|---|---|---|---|
Total Output | -0.4 | -0.9 | -0.2 | -1.8 | 1.3 | 3.7 | 1.9 |
Manufacturing | -0.1 | -0.1 | 0.4 | 0.8 | 2.0 | 2.5 | 0.9 |
Consumer Goods | -0.8 | -0.6 | -0.2 | 0.3 | 2.1 | 2.2 | 1.5 |
Business Equipment | 0.1 | -1.0 | -0.4 | -0.8 | 1.9 | 4.8 | -0.4 |
Construction Supplies | 0.6 | 0.0 | 2.2 | 1.6 | 2.7 | 3.9 | 2.8 |
Materials | -0.3 | -1.2 | -0.5 | -3.1 | 1.4 | 5.1 | 3.1 |
Utilities | -2.0 | -5.0 | -1.8 | -7.6 | -1.7 | 1.0 | 2.5 |
Capacity Utilization (%) | 76.5 | 76.9 | 77.7 | 79.0 | 77.8 | 78.1 | 76.7 |
Manufacturing | 76.0 | 76.1 | 76.3 | 76.3 | 76.1 | 75.3 | 74.0 |