- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
by Sandy Batten February 15, 2017
Industrial production decreased 0.3% m/m (+0.1% y/y) in January following a downwardly revised 0.6% m/m increase in December. The consensus from the Action Economics Survey had looked for an unchanged reading for total production. In January, manufacturing output rose 0.2% m/m (+0.4% y/y), and mining output jumped an outsized 2.8% m/m (+0.4% y/y, its first y/y rise since April 2015) with most mining industries reporting increases. The index for utilities fell 5.7% m/m (-2.7% y/y), due mostly to unseasonably warm weather that reduced the demand for heating, and more than reversed the 5.1% m/m jump in December. Note that monthly data throughout 2016 have been revised to reflect updated seasonal adjustment factors.
The rate of capacity utilization for total industry fell 0.3%-pt to 75.3% in January against a consensus expectation for a reading of 75.5% (which would have been unchanged from the initially reported December figure). The January figure is 4.6%-pts below its long-run (1972-2016) average. The rate of capacity in manufacturing edged up 0.1%-pt in January to 75.1%. This measure has fluctuated in a relatively narrow range for the past 5 months.
In the factory sector, production was significantly restrained by a 2.9% m/m decline in the output of motor vehicles and parts. Apart from this decline, manufacturing output elsewhere rose a solid 0.5%. And nondurable manufacturing production rose 0.6% m/m, led by textiles and chemicals. Production of consumer goods slipped 0.8% m/m (-0.1% y/y) in January following a 1.4% m/m jump in December. The January decline reflected a drop in both consumer energy products (-6.5% m/m) and consumer durables (again led by auto weakness). Production of business equipment edged up 0.1% m/m (1.2% y/y) on top of a 0.8% m/m gain in December. Output of transit equipment fell 1.5% m/m while production of IT equipment jumped 1.0% m/m. And production of construction supplies jumped 0.9% m/m (0.6% y/y) after having fallen 0.5% m/m in December.
The drop in materials output in January was dominated by a 1.4% m/m decline in production of energy, offsetting a 1.4% m/m rise in December. Output of non-energy materials rose 0.5% m/m after a 0.3% m/m decline in December.
In the special industrial output groupings, output in high-technology industries was unchanged m/m in January following a 0.7% m/m increase in December. Output excluding that in high-tech industries was up 0.3% m/m in January on top of a 0.1% m/m increase in December.
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)||Jan||Dec||Nov||Jan Y/Y||2016||2015||2014|
|Capacity Utilization (%)||75.3||75.6||75.2||75.7||75.4||76.7||78.2|