Global| Oct 28 2013U.S. Industrial Production Increase Led By Utilities
by:Tom Moeller
|in:Economy in Brief
Summary
Industrial production rose 0.6% during September (3.1% y/y) following an unrevised 0.4% August increase. A 0.3% gain had been expected in the Action Economics survey. A strong 4.4% rise (4.4% y/y) in utility output paced last month's [...]
Industrial production rose 0.6% during September
(3.1% y/y) following an unrevised 0.4% August increase. A 0.3% gain had
been expected in the Action Economics survey. A strong 4.4% rise (4.4%
y/y) in utility output paced last month's gain in production. Factory
production, however, ticked up just 0.1% (2.6% y/y).
A 0.3% decline (+0.6% y/y) in nondurable manufacturing output held back the increase in total production. That was led by a 1.1% drop (-0.8% y/y) in printing & related activities as well as a 0.8% shortfall (-3.6% y/y) in textiles. Production of durable goods gained 0.5% (4.7% y/y). Motor vehicle & parts production increased 2.0% (11.2% y/y) and machinery production rose 1.5% (3.4% y/y). To the downside was computers & electronics output by 0.5% (+5.5% y/y). Excluding autos & high tech, factory sector industrial production ticked up 0.1% (1.8% y/y).
The capacity utilization rate increased to 78.3% led by the rise in utilities to 79.3%. In the factory sector, the utilization rate was unchanged at 76.1%. The electrical equipment industry is producing at 81.2% of capacity while the motor vehicle industry is at 77.1%. Also, the apparel industry is producing at 73.7% of capacity. Overall industry capacity rose 1.8% y/y last month while factory sector capacity increased 1.5% 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) | Sep | Aug | Jul | Sep Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Total Output | 0.6 | 0.4 | -0.1 | 3.1 | 3.6 | 3.3 | 5.7 |
| Manufacturing | 0.1 | 0.5 | -0.3 | 2.6 | 3.9 | 3.4 | 6.1 |
| Consumer Goods | 0.8 | 0.2 | -0.8 | 2.2 | 1.6 | 1.5 | 1.1 |
| Business Equipment | 1.2 | 0.5 | -0.8 | 3.7 | 8.3 | 5.6 | 8.3 |
| Construction Supplies | 0.6 | 0.2 | 0.5 | 5.5 | 5.2 | 3.0 | 3.6 |
| Materials | 0.3 | 0.6 | 0.4 | 3.8 | 4.1 | 4.7 | 8.8 |
| Utilities | 4.4 | -0.8 | -0.2 | 2.6 | -2.1 | -0.2 | 3.6 |
| Capacity Utilization (%) | 78.3 | 77.9 | 77.7 | 77.2 | 77.6 | 76.5 | 74.0 |
| Manufacturing | 76.1 | 76.1 | 75.8 | 75.3 | 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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