Global| Jun 14 2013U.S. Industrial Output Nudges Higher
by:Tom Moeller
|in:Economy in Brief
Summary
Activity in the factory sector continues on a weak footing. Industrial production ticked up just 0.1% during May following a 0.5% April decline, earlier reported as -0.6%. A 0.2% rise had been expected in the Action Economics survey. [...]
Activity in the factory sector continues on a weak footing. Industrial production ticked up just 0.1% during May following a 0.5% April decline, earlier reported as -0.6%. A 0.2% rise had been expected in the Action Economics survey. Factory sector production edged up 0.1% (1.7% y/y) following a 0.3% decline during April. Utility output fell 1.8% (-4.8% y/y) after a 3.2% drop.
The uptick in factory sector output reflected mixed performance amongst industries. Consumer goods production slipped 0.1% (+1.2% y/y) as motor vehicle output gained 0.4% (7.8% y/y). Elsewhere, appliance, furniture & related goods production rose 0.3% and was up 1.9% y/y. In the nondurables area, apparel output recovered 2.8% (-1.0% y/y) but paper production slipped 0.3% (-6.3% y/y). Business equipment output increased 0.2% (3.2% y/y). Output of information processing and related equipment recovered 1.2% (5.6% y/y) and transit equipment production gained 0.6% (5.6% y/y). Output of high-tech products rose 0.8% (3.6% y/y). Excluding the output of high tech products & motor vehicles, factory production ticked up 0.1% (1.3% y/y) during May.
The capacity utilization rate ticked up to 77.8% from a downwardly revised 77.7% in April. In the factory sector, the rate held steady at 75.8%. Overall industry capacity rose 1.8% y/y while factory sector capacity increased 1.7% y/y. 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 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Total Output | 0.1 | -0.5 | 0.2 | 1.6 | 3.9 | 4.1 | 5.4 |
| Manufacturing | 0.1 | -0.3 | -0.3 | 1.7 | 3.9 | 3.4 | 6.1 |
| Consumer Goods | -0.1 | -0.6 | 0.6 | 1.2 | 1.6 | 1.5 | 1.1 |
| Business Equipment | 0.2 | -0.3 | 0.0 | 3.2 | 8.3 | 5.6 | 8.3 |
| Construction Supplies | -0.1 | -1.2 | -1.2 | 2.7 | 5.2 | 3.0 | 3.6 |
| Materials | 0.2 | -0.2 | 0.1 | 2.0 | 4.1 | 4.7 | 8.8 |
| Utilities | -1.8 | -3.2 | 5.0 | 3.4 | -3.6 | -0.2 | 3.6 |
| Capacity Utilization (%) | 77.8 | 77.7 | 78.1 | 77.8 | 77.6 | 76.5 | 74.0 |
| Manufacturing | 75.8 | 75.8 | 76.2 | 75.8 | 75.8 | 74.0 | 71.3 |
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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