- Korea: Housing Price Index (Apr)
- US: Consumer Sentiment (Apr-final), GDP (Q1 Adv), ECI (Q1)
- Consumer Sentiment Detail (Apr-final)
- US: Selected NIPA Tables (Q1-Adv), Summary key Source Data (Q1)
- Canada: GDP by Industry (Feb), Industrial Product Prices (Mar)
- *Taiwan National House Price Indexes Rebased to 2016=100.*
- Euro area: HICP (Apr-Flash), ECB Survey of Professional Forecasters (Q2)
- Italy: CPI, HICP (Apr-Prelim)
- Brazil: Sao Paolo Capacity Utilization (Mar);Mexico: Debt (Mar);
- more updates...
Economy in Brief
U.S. Employment Cost Index Has Stronger Gain
Lifted by outsized rises in several industries, the employment cost index for civilian workers rose 0.8% (2.4% y/y) during Q1'17...
Chicago Purchasing Managers Index Strengthens
The Chicago Purchasing Managers Business Barometer Index for April increased to 58.3 from 57.7 in March...
EMU Money and Credit Perk Up
There is some noticeable acceleration in EMU money and credit growth...
Durable Goods Orders Improvement Moderates
New orders for durable goods rose 0.7% (4.5% y/y) during March...
U.S. Initial Claims for Unemployment Insurance Increase
Initial unemployment claims for unemployment insurance rose to 257,000 during the week ended April 22...
U.S. Pending Home Sales Ease
The National Association of Realtors (NAR) reported that pending home sales slipped 0.8% ((+0.8% y/y) during March...
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|