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Economy in Brief
Italy Is Whacked by Corona-world
No country is battling harder than Italy whose economy is now starting to show some severe strains...
U.S. Initial Claims for Unemployment Insurance Soar to Record 3.3 Million
Initial jobless claims jumped to a record 3.283 million in the week ending March 21...
Kansas City Fed Factory Index Collapses
The Kansas City Fed reported that its reading of manufacturing business activity plunged to -17 in March...
U.S. GDP Growth Remains at 2.1% in Q4
U.S. GDP was unrevised in the fourth quarter of 2019 at 2.1% (SAAR) the same as in the advance estimate and the February report...
Advance U.S. Trade Deficit in Goods Shrinks in February
The advance estimate of the U.S. trade deficit in goods narrowed to $59.88 billion in February...
by Tom Moeller February 15, 2018
The Federal Reserve indicated that industrial production slipped 0.1% (+3.7 y/y) during January, following a 0.4% December gain, revised from 0.9%. A 0.2% rise had been expected in the Action Economics Forecast Survey. Factory sector production held steady (1.8% y/y) for a second straight month. A 0.6% increase (10.8% y/y) in utility output was offset by a 1.0% decline (+8.8% y/y) in mining production which followed a 0.4% fall.
Stability in factory sector output reflected a 0.3% increase (2.9% y/y) in consumer goods production. Motor vehicle & parts output increased 0.6% (1.4% y/y) after a 1.1% rise. Apparel production gained 0.2% (-8.3% y/y) but paper output fell 0.4% (+0.5% y/y). Appliance & furniture production fell 0.6% (+3.1% y/y), down for the fourth straight month. Chemical product production strengthened 1.1% (3.2% y/y) after a 0.3% rise. Business equipment production improved 0.9% (4.8% y/y) following a 1.0% gain. Machinery production increased 0.5% (7.9% y/y) and computer & electronic component production gained 1.3% (+2.4% y/y) after a 0.7% rise. Chemical production rose 1.1% (3.2% y/y) after a 0.3% rise and petroleum & related product output rose 0.9% (1.9% y/y). Construction supplies output declined 1.4% (+0.9 y/y.
Production of materials eased 0.3% (+4.7% y/y) as durable goods materials slipped 0.2% (+1.8% y/y) and nondurable goods materials eased 0.3% (+1.2% y/y)
In the special aggregate groupings, production in selected high-technology industries rose 0.9% (7.9% y/y), the fifth straight strong increase. Nonenergy production excluding high-tech slipped 0.1% (+1.4% y/y). Factory sector production excluding both high-tech and autos held steady (1.6% y/y) after a 0.2% dip.
Capacity utilization eased to 77.5%, but remained near the highest level since February 2015. Factory sector capacity utilization held steady m/m at 76.2%. Electric & gas utility utilization strengthened to 81.1%.
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 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Total Output | -0.1 | 0.4 | 0.3 | 3.7 | 2.0 | -1.2 | -0.7 |
| Manufacturing | 0.0 | 0.0 | 0.2 | 1.8 | 1.4 | -0.0 | 0.1 |
| Consumer Goods | 0.3 | 1.0 | -0.7 | 2.9 | 0.5 | 0.6 | 2.3 |
| Business Equipment | 0.9 | -0.3 | 0.0 | 4.8 | 2.6 | -1.8 | -0.9 |
| Construction Supplies | -1.4 | 0.5 | 0.8 | 0.9 | 2.5 | 1.3 | 0.5 |
| Materials | -0.3 | 0.4 | 0.9 | 4.7 | 2.7 | -2.3 | -1.4 |
| Utilities | 0.6 | 4.6 | -1.8 | 10.8 | -0.3 | -0.3 | -0.7 |
| Mining | -1.0 | -0.4 | 2.1 | 8.8 | 6.8 | -9.1 | -4.3 |
| Capacity Utilization (%) | 77.5 | 77.7 | 77.5 | 75.7 | 76.5 | 75.7 | 76.8 |
| Manufacturing | 76.2 | 76.2 | 76.3 | 75.4 | 75.6x | 75.1 | 75.5 |
