Global| Jun 15 2005Industrial Production Recovered
by:Tom Moeller
|in:Economy in Brief
Summary
With a 0.3% rise in May, industrial production recovered all of the prior month's deepened 0.3% decline. Consensus expectations had been for a 0.2% gain. The headline figure masked a sharper improvement in factory sector output which [...]
With a 0.3% rise in May, industrial production recovered all of the prior month's deepened 0.3% decline. Consensus expectations had been for a 0.2% gain.
The headline figure masked a sharper improvement in factory sector output which rose 0.6% (3.3% y/y) following two months of modest decline. Scattered industry gains were strongest for machinery (6.7% y/y), electrical equipment (2.2% y/y) aerospace (7.9% y/y) and high tech (19.5% y/y). Excluding the high tech sector factory output rose 0.4% (2.3% y/y) and reversed the decline during the prior two months.
Motor vehicle output rose a slight 0.1% (+1.4% y/y) following two months of sharp decline. Output of furniture fell 0.2% (-3.6% y/y), the fourth monthly decline this year.
Total capacity utilization rose to 79.4% and capacity grew 1.2% y/y. Factory sector utilization rose to 78.2% versus 76.7% last May and capacity rose 1.4% y/y.
| Production & Capacity | May | April | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Industrial Production | 0.3% | -0.3% | 2.7% | 4.1% | -0.0% | -0.3% |
| Consumer Goods | 0.5% | -0.9% | 1.4% | 2.7% | 0.3% | 1.4% |
| Business Equipment | 0.8% | 1.0% | 8.1% | 9.5% | 1.2% | -7.9% |
| Capacity Utilization | 79.4% | 79.1% | 78.2% (05/04) | 78.1% | 75.5% | 75.3% |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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