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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 July 15, 2016
Industrial output increased 0.6% (-0.7% y/y) during June following a 0.3% May fall, revised from -0.4%. A 0.2% rise in output had been expected in the Action Economics Forecast Survey.
Factory sector production improved 0.4% last month (0.4% y/y) and made up a 0.3% fall. Consumer goods production jumped 1.1% (1.6% y/y) as motor vehicle output & parts output rebounded 5.9% (7.8% y/y) after a 4.3% decline. Machinery output increased 1.1% (-2.4% y/y). Electrical equipment and appliance production gained 1.5% (1.3% y/y) and furniture production increased 0.5% (+0.3% y/y). These gains were offset by a 0.5% decline (+1.8% y/y) in computer & electronic component production and a 0.3% easing (-3.4% y/y) in primary metals output.
In the nondurable goods sector, chemical output retreated 0.6% (+0.4% y/y) while paper product production fell 0.4% (-1.9% y/y). Apparel output declined 0.6% (-10.0% y/y), off for the third straight month, but petroleum & coal production rebounded 0.7% (1.1% y/y).
A 2.4% rise in utility output (0.5% y/y) reflected a 3.4% rise in electric power generation (1.3% y/y), but natural gas production decline 6.9% (-6.6% y/y). Mining sector production improved 0.2% (-10.5% y/y).
In the subcategory groupings, output of high technology products eased 0.3% (+3.6% y/y) as computer & office equipment production gained 0.3% (2.8% y/y). Communications equipment output improved 0.2% (11.7% y/y). Overall factory sector production excluding the high-tech & motor vehicle sectors eased 0.3% (-0.2% y/y), down for the fifth month this year.
Capacity utilization declined to 75.4 from 74.9%. That remained lower than 78.9% in November 2014. Factory sector utilization improved to 75.1%, but was down from the 2014 high of 76.3%. Industry capacity rose 0.7% y/y while factory sector capacity also improved 0.7% 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||2015||2014||2013|
|Capacity Utilization (%)||75.4||74.9||75.2||76.4||76.7||78.2||76.9|