Global| Feb 16 2005Warm Weather Left Industrial Production Unchanged
by:Tom Moeller
|in:Economy in Brief
Summary
Industrial production was unchanged last month versus Consensus expectations for a 0.3% increase. The shortfall was entirely due to a 3.1% decline in utility output as well as a 0.3% drop in mining output. The factory sector again [...]
Industrial production was unchanged last month versus Consensus expectations for a 0.3% increase. The shortfall was entirely due to a 3.1% decline in utility output as well as a 0.3% drop in mining output.
The factory sector again performed well and output rose 0.5% (5.3% y/y) following a downwardly revised 0.4% gain in December.
High tech sector output increased 1.5% (18.1% y/y) as output of communications equipment rose 3.0% (13.8% y/y). Semiconductor & related equipment output rose 0.9% (26.5% y/y) and computer & peripheral output also gained 0.9% (6.0% y/y).
Factory output excluding high tech rose 0.4% in December (4.4% y/y). A 1.2% decline in clothing output (-5.0% y/y) was offset by a 1.6% rise (9.5% y/y) in machinery output. Nondurables output also rose as did output of metals. Production of appliances, furniture & carpeting fell 1.1% (-0.4% y/y) as furniture output fell 0.5% (+1.3% y/y).
Motor vehicle output fell 2.0% (+0.2% y/y) in January. Excluding motor vehicles, factory output rose 0.7% (5.7% y/y). Excluding both high tech and motor vehicles factory output rose 0.6% (4.8% y/y).
Total capacity utilization fell slightly to 79.0%. Capacity grew 1.2% y/y.
| Production & Capacity | Jan | Dec | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Industrial Production | 0.0% | 0.7% | 4.0% | 4.1% | -0.0% | -0.3% |
| Capacity Utilization | 79.0% | 79.1% | 76.9% (01/04) | 78.0% | 75.5% | 75.3% |
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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