Global| Mar 15 2013U.S. Industrial Production Recovers With Across-the-Board Gains
by:Tom Moeller
|in:Economy in Brief
Summary
Industrial production jumped 0.7% (2.5% y/y) during February following a 0.1% January uptick, earlier reported as a 0.1% dip. A 0.4% gain had been expected in the Action Economics survey. Firmer factory sector production led the [...]
Industrial production jumped 0.7% (2.5% y/y)
during February following a 0.1% January uptick, earlier reported as a
0.1% dip. A 0.4% gain had been expected in the Action Economics survey.
Firmer factory sector production led the increase with a 0.8% rebound
(2.0% y/y) after a 0.4% January drop.
The increase in factory sector output was led by a 3.6% rise (9.3% y/y) in motor vehicle production. In the consumer products area, furniture & related product production surged another 1.7% (0.3% y/y) while apparel out rose 0.2% (-2.1% y/y). For business equipment, machinery output posted a strong 1.7% gain (1.7% y/y) while electrical equipment production improved by 1.2% (2.9% y/y). Computer & electronic products output rose 0.6% (2.2% y/y). Production of chemicals rose 0.3% (1.6% y/y) and petroleum product production gained 1.5% (-0.3% y/y). Excluding the output of high tech products & motor vehicles, production rose 0.5% (1.5% y/y).
The capacity utilization rate recovered to 79.6% in February. In the factory sector, the rate increased to 78.3%, its highest level since December 2007. Overall industry capacity rose 1.6% y/y while factory sector capacity increased the same 1.6%
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) | Feb | Jan | Dec | Feb Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Total Output | 0.7 | 0.1 | 0.2 | 2.5 | 3.9 | 4.1 | 5.4 |
| Manufacturing | 0.8 | -0.4 | 1.4 | 2.0 | 4.2 | 4.3 | 5.7 |
| Consumer Goods | 0.6 | 0.2 | 0.2 | 1.9 | 1.7 | 2.3 | 1.1 |
| Business Equipment | 2.5 | -1.2 | 0.5 | 6.6 | 10.4 | 8.3 | 8.3 |
| Construction Supplies | 1.6 | 1.1 | 1.2 | 2.8 | 5.0 | 5.6 | 3.8 |
| Materials | 0.3 | -0.1 | 0.4 | 2.3 | 4.1 | 4.6 | 8.4 |
| Utilities | 1.6 | 4.8 | -6.3 | 5.7 | -1.7 | -0.3 | 3.6 |
| Capacity Utilization (%) | 79.6 | 79.2 | 79.3 | 79.0 | 78.8 | 76.8 | 73.7 |
| Manufacturing | 78.3 | 77.8 | 78.2 | 78.0 | 77.3 | 75.0 | 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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