- Korea: GDP (Q4); Thailand Auto Sales (Feb)
- Turkey: Capacity Utilization, Business Tendency survey (Mar); South Africa: Tourism & Migration (Jan), Manufacturing Survey (Q1)
- Croatia: Tourism (Jan); Montenegro: Foreign Trade (Feb); Czech Republic: CPI by COICOP (Feb), Registered Employment (Q4); Kazakhstan: Loans & Deposits (Feb); Slovenia: Business Cycle Indicators (Mar); Russia: Employment by Industry (Q4);
- more updates...
Economy in Brief
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
by Tom Moeller February 17, 2016
Overall industrial production jumped 0.9% during January (-0.7% y/y) following declines in the prior three months. It was the largest increase since November 2014. A 0.3% rise had been expected in the Action Economics Forecast Survey. December's decline was revised to -0.7% from -0.4% reported last month. The latest increase in overall production was paced by a 5.4% jump (-2.8% y/y) in utility output. That was accompanied by no change (-9.8% y/y) in mining production, which followed four consecutive months of sharp decline.
Factory sector production increased 0.5% (1.2% y/y) after two months of 0.2% decline. A 1.6% jump (1.3% y/y) in consumer goods output was powered by a 2.8% gain (6.2% y/y) in motor vehicles & parts. The rise followed, however, two months of sharp decline. Primary metals production also posted a solid 2.2% improvement (-2.4% y/y). Furniture output gained 1.4% (2.3% y/y) after a 2.3% fall and machinery production strengthened 0.7% (-4.1% y/y), following three straight months of sharp decline. To the downside, electrical equipment production fell 1.4% (+5.8% y/y) after a 2.1% rise.
In the nondurable goods sector, industrial production improved 0.5% (1.7% y/y) after three months of little change. Apparel output fell 2.1% (-9.1% y/y) and is off roughly 80% during the last twenty years. Output of petroleum & coal products eased 0.2% (+1.3% y/y), down for the third straight month. To the upside, food, beverage & tobacco manufacturing gained 0.8% (2.2% y/y) while chemical output increased 1.1% (2.8% y/y).
Business equipment production improved 0.3% (-1.4% y/y) as transit equipment production gained 0.3% (-0.2% y/y). Materials output strengthened 0.9% (-1.5% y/y) after three months of decline.
In the special aggregate groupings, production of high technology products increased 0.6% (1.6% y/y) following a 0.9% rise. The gain was powered by a 3.7% jump (1.1% y/y) in computers & equipment after a 1.7% strengthening. Semiconductor output rose 0.4% (2.6% y/y), but communications equipment production fell 0.8% (-1.9% y/y). Overall factory sector production, excluding both autos and high-tech, increased 0.3% (0.9% y/y).
The capacity utilization rate increased to 77.1% last month. That remained down, however, from 78.7% twelve months earlier. Utilization in the factory sector improved to 76.1%, equaling the rate last January. Utilization in the mining industry ticked up m/m to 78.8%, but that remained down from the 2014 high of 91.6%. Overall industry capacity rose 1.3% y/y and factory sector capacity increased 1.2% 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)||Jan||Dec||Nov||Jan Y/Y||2015||2014||2013|
|Capacity Utilization (%)||77.1||76.4||77.0||78.7||77.8||78.1||76.7|