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Economy in Brief

U.S. Industrial Production Rebounds
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
Total Output 0.6 -0.3 0.5 -0.7 0.3 2.9 1.9
Manufacturing 0.4 -0.3 0.1 0.4 0.8 1.3 0.9
    Consumer Goods 1.1 -0.8 1.3 1.6 1.4 0.7 0.7
    Business Equipment 0.7 -0.3 1.1 -0.5 0.7 2.4 -0.2
    Construction Supplies -0.8 -0.5 0.2 0.0 1.5 3.7 3.0
  Materials 0.6 0.0 -0.1 -1.9 0.5 4.7 3.3
Utilities 2.4 -0.9 6.2 0.5 -0.7 1.3 2.3
Mining 0.2 0.2 -2.8 -10.5 -1.8 11.0 6.5
Capacity Utilization (%) 75.4 74.9 75.2 76.4 76.7 78.2 76.9
 Manufacturing 75.1 74.8 75.1 75.3 75.5 75.4 74.5
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