Global| Sep 15 2004Industrial Production Up Slightly, Factory Output Firm
by:Tom Moeller
|in:Economy in Brief
Summary
Industrial production rose just 0.1% following an upwardly revised 0.6% gain in July. Market forecasters had looked for a 0.5% increase but the disappointment was that utility output fell 2.4% and mining output fell 1.1%. Production [...]
Industrial production rose just 0.1% following an upwardly revised 0.6% gain in July. Market forecasters had looked for a 0.5% increase but the disappointment was that utility output fell 2.4% and mining output fell 1.1%.
Production in the factory sector rose 0.5% (6.7% y/y) last month following an upwardly revised 0.8% gain in July.
Output of motor vehicles jumped 3.7% (6.1% y/y) following declines in each of the prior five months. Less motor vehicles factory output rose 0.3% (6.8% y/y) in August. The high tech sector continued strong with a 1.8% (23.7% y/y) rise.Factory output elsewhere (excluding motor vehicles & high tech) rose 0.2% (5.7% y/y) following a 0.9% gain in July.
Total capacity utilization was stable at an upwardly revised 77.3%. Growth in capacity inched up to 1.4% y/y from 1.1% earlier this year.
"Predicting the Recent Behavior of Inflation Using Output Gap-Based Phillips Curves" from the Federal Reserve Bank of Richmond is available here.
| Production & Capacity | August | July | Y/Y | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|---|
| Industrial Production | 0.1% | 0.6% | 5.1% | 0.3% | -0.6% | -3.4% |
| Capacity Utilization | 77.3% | 77.3% | 74.5%(8/03) | 74.8% | 75.6% | 77.4% |
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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