Global| Jun 15 2012U.S. Industrial Output Declines Broadly
by:Tom Moeller
|in:Economy in Brief
Summary
Overall industrial output fell across most categories last month. Total production slipped 0.1% after an unrevised 1.0% April increase. The decline compared to Consensus expectations for 0.1% uptick according to Action Economics. A [...]
Overall industrial output fell across most categories last month. Total production slipped 0.1% after an unrevised 1.0% April increase. The decline compared to Consensus expectations for 0.1% uptick according to Action Economics. A 0.8% (1.1% y/y) rise in utility output, again due to the warm spring, contrasted to a 0.4% decline (+5.1% y/y) in factory sector output.
Production of construction supplies led last month's overall weakness with a 1.1% decline (+5.2% y/y). In manufacturing, consumer goods output slipped 0.2% (+2.3% y/y) during May led by a 1.8% decline (+19.0% y/y) in auto production. Computers, video and audio production was unchanged (3.2% y/y) while appliances, furniture & carpeting output fell 0.4% (+1.5% y/y). In the nondurables area, clothing output jumped 1.5% (-1.5% y/y), chemical production inched up 0.1% (-2.1% y/y) but paper products output fell 1.6% (-2.6% y/y). Business equipment production inched up 0.3% (11.2% y/y) following a firm 1.5% jump in April.
Capacity utilization fell back from its four year high to 79.0%. In manufacturing alone, utilization fell to 77.6% and remained up from the recession low of 64.4%. Overall capacity is estimated to have risen 1.1% y/y following a 0.2% dip last year and a 2.0% decline during 2010. In the factory sector, capacity rose 0.8% y/y and excluding the high-tech industries it increased 0.3%.
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) | May | Apr | Mar | May Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total Output | -0.1 | 1.0 | -0.6 | 4.7 | 4.1 | 5.4 | -11.4 |
| Manufacturing | -0.4 | 0.7 | -0.6 | 5.1 | 4.3 | 5.7 | -13.8 |
| Consumer Goods | -0.2 | 1.4 | -1.0 | 2.3 | 2.3 | 1.1 | -6.9 |
| Business Equipment | 0.3 | 1.5 | 0.3 | 11.2 | 8.2 | 8.3 | -18.2 |
| Construction Supplies | -1.1 | 0.6 | -1.0 | 5.2 | 5.6 | 3.8 | -22.9 |
| Materials | 0.1 | 0.6 | -0.4 | 5.1 | 4.6 | 8.4 | -11.5 |
| Utilities | 0.8 | 5.4 | -0.6 | 1.1 | -0.3 | 3.6 | -2.5 |
| Capacity Utilization (%) | 79.0 | 79.2 | 78.5 | 76.3 | 76.8 | 73.7 | 68.5 |
| Manufacturing | 77.6 | 78.0 | 77.5 | 74.4 | 75.0 | 71.3 | 65.5 |
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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