Recent Updates
- Jamaica: CPI (Jul)
- Israel: CPI (Jul), PPI (Jul), Average Housing Prices (Q2)
- Japan: NCI Economic Activity Index (Aug)
- US: NAHB/Wells Fargo Housing Market Index (Aug)
- Canada: Wholesale trade, MSIO (June)
- more updates...
Economy in Brief
U.S. Empire State Manufacturing Index Plummets in August; Lowest Since May '20
The Empire State Manufacturing Index of General Business Conditions plunged to -31.3 in August...
Japan's GDP Accelerates
Real GDP in Japan rose by 2.2% at an annual rate in the second quarter of 2022...
U.S. Import and Export Prices Fall in July; Deepest Since April 2020
Import prices fell 1.4% m/m (8.8% y/y) in July...
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller January 17, 2018
The Federal Reserve indicated that industrial production increased 0.9% (3.6% y/y) during December following a 0.1% dip in November, revised from +0.2%. A 0.4% rise had been expected in the Action Economics Forecast Survey. Last month's increase reflected a 5.6% jump in utility output which was boosted by cold temperatures. Factory sector production gained 0.1% (2.3% y/y) after a 0.3% rise. Mining output surged 1.6% (11.5% y/y) following a 0.1% uptick.
The rise in factory sector output reflected a 1.0% increase (1.5% y/y) in consumer goods production, bolstered by a 2.0% strengthening (0.4% y/y) in motor vehicle & parts output. Apparel production gained 0.4% (-8.7% y/y) and paper output rose 0.3% (-1.1% y/y). To the downside, electrical equipment & appliance output fell 0.7% (+3.1% y/y). Business equipment production improved 0.2% (4.2% y/y). Machinery production increased 0.5% (8.3% y/y) but computer & electronic component production eased 0.1% (+2.4% y/y). Chemical production fell 0.7% (+3.2% y/y) and petroleum & related product output was off 0.7% (+2.0% y/y).
Production of materials jumped 1.1% (5.2% y/y) as energy materials production surged 2.7% (8.0% y/y). Durable goods materials improved 0.1% (3.5% y/y) and nondurable goods materials also rose 0.1% (3.0% y/y).
In the special aggregate groupings, production in selected high-technology industries rose 0.4% (3.7% y/y). Nonenergy production excluding high-tech gained 0.2% (2.4% y/y). Factory sector production excluding both high-tech and autos was unchanged (2.5% y/y).
Capacity utilization increased to 77.9%, the highest level since February 2015. Factory sector capacity utilization held steady m/m at 76.4%. Electric & gas utility utilization surged to 80.4%.
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) | Dec | Nov | Oct | Dec Y/Y | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Total Output | 0.9 | -0.1 | 1.8 | 3.6 | 2.0 | -1.2 | -0.7 |
Manufacturing | 0.1 | 0.3 | 1.5 | 2.3 | 1.4 | -0.0 | 0.1 |
Consumer Goods | 1.0 | -0.7 | 1.3 | 1.5 | 0.5 | 0.6 | 2.3 |
Business Equipment | 0.2 | 0.1 | 1.2 | 4.2 | 2.6 | -1.8 | -0.9 |
Construction Supplies | 0.0 | 0.7 | 0.7 | 3.2 | 2.5 | 1.3 | 0.5 |
Materials | 1.1 | 0.1 | 2.6 | 5.2 | 2.7 | -2.3 | -1.4 |
Utilities | 5.6 | -3.1 | 4.1 | 1.8 | -0.4 | -0.3 | -0.7 |
Mining | 1.6 | 0.1 | 1.7 | 11.5 | 6.6 | -9.1 | -4.3 |
Capacity Utilization (%) | 77.9 | 77.2 | 77.4 | 76.0 | 76.5 | 75.7 | 76.8 |
Manufacturing | 76.4 | 76.4 | 76.3 | 75.2 | 75.7 | 75.1 | 75.5 |