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Economy in Brief

U.S. Industrial Production Improves
by Tom Moeller  July 14, 2017

Industrial production increased 0.4% during June (2.0% y/y) following a May 0.1% gain, revised from no change. A 0.3% increase had been expected in the Action Economics Forecast Survey. A 1.6% rise (9.9% y/y) in mining output drove the total higher, strong for the fifth month this year. Utilities output held steady (-2.2% y/y).

Factory sector production gained 0.2% (1.2% y/y) as it followed a 0.4% decline. Consumer products production held steady (0.3% y/y) as nondurable goods output declined 0.3% both m/m and y/y. A 0.3% rise (-0.6% y/y) in chemical products output was offset by a 1.4% decline (-7.4% y/y) in clothing production. Durable consumer goods production improved 1.0% (1.9% y/y) as appliance & furniture production gained 1.9% (1.0% y/y). Motor vehicle & parts production gained 0.7% (0.9% y/y) and computer & video output rose 0.3% (4.5% y/y). Production of business equipment rose 0.2% (0.8% y/y), but information processing & related equipment production fell 0.3% (+4.5% y/y).

Materials production increased 0.7% (3.1% y/y), led by a 1.1% rise (4.9% y/y) in energy materials output.

In the special aggregate groupings, production of computers, communication equipment & semiconductors rose 0.8% (8.0% y/y). Excluding these sectors, as well as autos, factory output rose 0.1% (0.9% y/y).

Capacity utilization held steady at 76.6%, but the factory sector rate inched up to 75.4%.

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) Jun May Apr Jun Y/Y 2016 2015 2014
Total Output 0.4 0.1 0.8 2.0 -1.2 -0.7 3.1
Manufacturing 0.2 -0.4 1.0 1.2 -0.0 0.1 1.2
    Consumer Goods 0.0 0.1 1.5 0.2 0.6 2.3 0.8
    Business Equipment 0.1 -0.9 1.5 0.8 -1.8 -0.9 1.9
    Construction Supplies -0.1 -0.4 1.1 3.9 1.3 0.5 3.4
  Materials 0.7 0.3 0.5 3.1 -2.3 -1.4 5.1
Utilities 0.0 0.8 0.1 -2.2 -0.3 -0.7 1.4
Mining 1.6 1.9 0.7 9.9 -9.1 -4.3 10.7
Capacity Utilization (%) 76.6 76.6 76.4 75.8 75.7 76.8 78.6
 Manufacturing 75.4 75.3 75.7 75.1 75.1 75.5 75.4
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