Global| Feb 15 2008U.S. Industrial Production Ticked 0.1% Higher
by:Tom Moeller
|in:Economy in Brief
Summary
Industrial production ticked 0.1% higher last month following an upwardly revised 0.1% rise during December. The latest increase was as expected. Factory output also rose 0.1% after an upwardly revised 0.2% December increase. The m/m [...]
Industrial production ticked 0.1% higher last month following an upwardly revised 0.1% rise during December. The latest increase was as expected.
Factory output also rose 0.1% after an upwardly revised 0.2% December increase. The m/m gains have picked up a bit since scattered declines last Summer. As a result the three month growth in output rose to 2.1% (AR) from a low of -4.1% in September. Some of that improvement owes to the high tech sector. Less high tech factory output was unchanged in January and three month growth was 1.1%.
Production of computers & electronics surged 1.4% (14.4% y/y) after a very much upwardly revised 1.0% December gain. Output of furniture & appliances fell 2.1% and three month dropped to -14.3%. Chemical product output also fell by 0.4%. There was scattered improvement elsewhere. Output of automotive products dropped 1.2% but rose 5.3% on a three month basis. Apparel product output fell 0.1% and three month growth rose to 2.6%.
Output of construction supplies fell again, last month by 1.1% and three month remained negative at -2.6%.
Output of business equipment rose 0.4% with three month growth up to 8.0%. Output of industrial equipment fell 0.4% but three month improved to 2.5%.
Capacity utilization was unchanged for the third month at 81.5%. Utilization in the factory sector slipped a hair to 79.7% from 78.8% where it had been for three months. That ias down from an 80.1% average last year.
| INDUSTRIAL PRODUCTION (SA) | January | December | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| Total | 0.1% | 0.1% | 2.2% | 1.9% | 4.0% | 3.2% |
| Manufacturing | 0.1% | 0.2% | 2.0% | 1.9% | 4.7% | 3.9% |
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.
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