- Japan: First Ten Days Trade (Mar), International Trade, Foreign Banks Foreign Banks in Japan (Feb)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts/Statistical Balance Sheet, Foreign Currency Assets, Liabilities, and Currency Flows (Feb); Australia: Flow of Funds (Q4), Job Vacancies (Q1)
- Korea: Building Permits (Feb); Philippines: LFS (Q3)
- US: IIP (Q4)
- more updates...
Economy in Brief
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
by Tom Moeller April 15, 2016
Industrial output declined 0.6% during March after a 0.6% February drop, revised from -0.5%. No change in output had been expected in the Action Economics Forecast Survey. Annual data revisions, released earlier this month, lowered production growth during 2015 and 2014.
The decline in oil prices pulled down output in the mining sector by 2.9% last month (-13.0% y/y). It has fallen 16.1% since the peak in December 2014. Warm weather reduced utility output 1.2%, and it is down 7.7% y/y.
Factory sector production declined 0.3% last month (+0.4% y/y) following downwardly revised readings of -0.1% and +0.4% in the prior two months. Consumer goods production eased 0.4% (+0.1% y/y) as motor vehicle output declined 1.6% (+5.0% y/y). Electrical equipment production declined 1.7% (+0.8% y/y) and machinery output was off 0.4% (-4.7% y/y). Working the other way, computer & electronic product production rose 0.9% (2.9% y/y).
In the nondurable goods sector, petroleum & coal production increased 1.0% (4.9% y/y) and chemical output rose 0.3% (1.5% y/y). Apparel output declined 0.6% (-5.8% y/y) and paper product production fell 0.6% (-2.9% y/y) as well. In the utilities sector, natural gas output declined 4.6% (-12.1% y/y), but electric power generation eased a lesser 0.8% (-7.2% y/y).
In the subcategory groupings, output of high technology products rose 0.5% (2.1% y/y) as computer & office equipment production gained 2.4% (-3.9% y/y). Communications equipment eased 0.1% (+1.8% y/y), but semiconductor output rose 0.4% (3.5% y/y). Overall factory sector production, excluding the high-tech & motor vehicle sectors, fell 0.2% (-0.1% y/y) for a second month.
Capacity utilization declined to 74.8% last month from 75.3%, revised from 76.7%. That was down from 78.9% in November 2014. Factory sector utilization fell to 75.1%, down from the 2014 high of 76.3%. Industry capacity rose 1.2% y/y while factory sector capacity improved 0.8% 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)||Mar||Feb||Jan||Mar Y/Y||2015||2014||2013|
|Capacity Utilization (%)||74.8||75.3||75.8||77.3||76.7||78.2||76.9|