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Economy in Brief
U.S. Government Budget Deficit Deepens
The U.S. Treasury Department reported that the federal government budget deficit for February of $234.0 billion...
Wholesale Inventories and Sales Rise
Wholesale inventories increased 1.2% m/m (7.7% y/y) during January...
EMU PMIs Take Grim Turn for the Worse
Manufacturing has continued to plunge while the services metric has stabilized in the past several months by drifting mostly sideways...
U.S. Leading Economic Indicators Rebound
The Conference Board's Composite Index of Leading Economic Indicators increased 0.2% (3.0% y/y) during February...
Philadelphia Fed Manufacturing Index Rebounds but Prices Weaken
The Philadelphia Fed reported in its Manufacturing Business Outlook Survey that the General Business Conditions Index rebounded this month to 13.7...
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 |
