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Economy in Brief
Kansas City Fed Manufacturing Index Dips in May But Remains Strong
The Kansas City Fed reported that its manufacturing sector business activity index declined to 23 in May...
U.S. Pending Home Sales Decline Sharply in April
Home buying remains under pressure...
U.S. Unemployment Claims Eased Slightly in the Latest Week
Initial claims for unemployment insurance filed in the week ended May 21 were 210,000 (-52.4% y/y)...
Italian Confidence Makes Small Bounce in May; Is It a Signal or Is It Noise?
Italian business and consumer confidence indexes both are substantially lower in May...
U.S. Durable Goods Orders Increase Modestly in April
Manufacturers' new orders for durable goods increased 0.4% during April (12.2% y/y)...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
State Coincident Indexes in April 2022
State Labor Markets in April 2022
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The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
by Tom Moeller July 15, 2015
Overall industrial output increased 0.3% during June (1.5% y/y) following an unrevised 0.2% decline. A 0.2% rise in production had been expected in the Action Economics Forecast Survey. Manufacturing sector production was unchanged (+1.8% y/y) for the second consecutive month. May's figure was revised from -0.2%. Mining output rebounded 1.0% (-0.8% y/y), the first increase since December. Utility output improved 1.5% (4.3% y/y) after a 1.3% rise.
Within the factory sector, automotive products production fell 3.8% (+5.3% y/y) after three months of increase. Appliance, furniture & carpeting output edged up 0.9% (3.0% y/y) following no change during May. Business equipment production increased 0.4% (3.0% y/y) following a 0.6% rise. Transit equipment output fell 0.7% (+2.0% y/y) after a 1.1% jump. In the nondurables consumer goods sector, clothing output remained unchanged (2.5% y/y) after a 0.8% decline. Chemical product manufacturing improved 0.2% (2.8% y/y) after two months of decline.
The special aggregate series indicated that production in high technology industries increased 0.8% but still was down 0.5% y/y. It was the first monthly increase since November. A 1.4% rise (-1.0% y/y) in semiconductor output led the grouping's production higher. Communications equipment production improved 0.4% both m/m and y/y, but computer & office equipment output declined 2.6% (+1.8% y/y). Factory sector production excluding the high-tech sector remained unchanged (+1.9% y/y) following two months of 0.1% uptick. Manufacturing production excluding both high-tech and autos improved 0.2% (1.7% y/y) following a 0.1% slip.
The capacity utilization rate rose to 78.4% but remained below the recovery high of 79.8% reached in November. Mining sector utilization edged up m/m to 84.1% but remained down from its 90.5% high twelve months ago. In the factory sector, the capacity utilization rate eased to 77.2%, down from 78.1% in November. Total industry capacity rose 2.6% y/y while factory sector capacity increased 1.9% 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) | Jun | May | Apr | Jun Y/Y | 2014 | 2013 | 2012 |
---|---|---|---|---|---|---|---|
Total Output | 0.3 | -0.2 | -0.5 | 1.5 | 4.2 | 2.9 | 3.8 |
Manufacturing | 0.0 | 0.0 | 0.1 | 1.8 | 3.5 | 2.7 | 4.1 |
Consumer Goods | 0.0 | 0.1 | -1.1 | 2.5 | 2.8 | 2.4 | 1.7 |
Business Equipment | 0.4 | 0.6 | -0.1 | 3.0 | 5.2 | 3.6 | 7.5 |
Construction Supplies | -0.1 | 0.6 | 0.5 | 1.7 | 4.2 | 4.2 | 4.6 |
Materials | 0.5 | -0.6 | -0.3 | 1.6 | 5.1 | 3.2 | 4.5 |
Utilities | 1.5 | 1.2 | -5.1 | 4.3 | 1.3 | 2.1 | -2.1 |
Capacity Utilization (%) | 78.4 | 78.2 | 78.5 | 79.2 | 79.1 | 78.0 | 77.3 |
Manufacturing | 77.2 | 77.3 | 77.3 | 77.3 | 77.2 | 76.1 | 75.5 |