Global| Aug 16 2011U.S. Industrial Production Lifted By Autos & Utilities
by:Tom Moeller
|in:Economy in Brief
Summary
U.S. industrial production rose 0.9% last month following a 0.4% June gain, revised from 0.2%. The latest increase beat Consensus expectations for a 0.4% increase according to Action Economics. Factory sector output gained 0.7% as [...]
U.S. industrial production rose 0.9% last month following a 0.4% June gain, revised from 0.2%. The latest increase beat Consensus expectations for a 0.4% increase according to Action Economics. Factory sector output gained 0.7% as motor vehicle output jumped 5.2% (-0.2% y/y). That followed three months of decline, in part due to the earthquake & tsunami in Japan. Less autos, output rose 0.6%. However, utility output surged 2.8% as hot temperatures raised production. With both autos and utilities excluded, factory output rose 0.2% (4.0% y/y), about as it did during May & June.
Output of computers, video & audio equipment rose 0.8% but remained down by 5.2% y/y. Machinery output also rose a strengthened 0.7% (3.8% y/y). Electrical equipment & appliance output held back the overall production increase with a 2.4% decline (-1.6% y/y). In the soft goods area, apparel output fell 1.9% (+3.3% y/y) and chemical output slipped 0.3% (+2.4% y/y).
Capacity utilization rose sharply to 77.5% with the overall output increase. In manufacturing alone, however, utilization rose moderately to 75.0%, up from the recession low of 64.4%. Overall capacity is estimated to have risen 0.7% y/y following a 2.2% decline during 2010.
Industrial production and capacity data are included in Haver's USECON database, with additional detail in the IP database. The IP database contains figures with more decimal precision and includes extensive lists of "relative importance" numbers for several breakdowns of production by industry and market group. The expectations figure is in the AS1REPNA database.
| Industrial Production (SA, % Change) | Jul | Jun | May | Jul Y/Y | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Total Output | 0.9 | 0.4 | 0.2 | 3.7 | 5.3 | -11.2 | -3.7 |
| Manufacturing | 0.7 | 0.1 | 0.2 | 3.8 | 5.4 | -13.5 | -5.0 |
| Consumer Goods | 1.1 | 0.1 | 0.0 | 1.3 | 4.3 | -7.2 | -5.2 |
| Business Equipment | 0.6 | 0.3 | 1.4 | 8.5 | 7.7 | -16.3 | -2.5 |
| Construction Supplies | 0.3 | 0.1 | 1.3 | 4.4 | 3.8 | -22.5 | -9.7 |
| Materials | 0.8 | 0.7 | 0.0 | 4.7 | 6.3 | -11.6 | -2.7 |
| Utilities | 2.8 | 0.8 | -0.3 | -0.1 | 4.0 | -2.6 | -0.1 |
| Capacity Utilization (%) | 77.5 | 76.9 | 76.7 | 75.3 | 74.5 | 69.1 | 77.8 |
| Manufacturing | 75.0 | 74.6 | 74.6 | 72.4 | 71.7 | 66.2 | 74.9 |
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.
