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Economy in Brief

U.S. Industrial Production Increase Is Broad-Based
by Tom Moeller  August 16, 2016

Industrial output increased 0.7% during July (-0.5% y/y) following a 0.4% June gain, revised from 0.6%. A 0.3% rise in output had been expected in the Action Economics Forecast Survey.

Factory sector production rose 0.5% last month (0.2% y/y), its strongest gain since last July. Consumer goods production rose 0.6% (0.8% y/y) as motor vehicle & parts production firmed 1.9% (1.8% y/y). Computer, video & audio production increased 1.3% (1.2% y/y), but appliance production fell 0.5% (+2.4% y/y). In the nondurable goods sector, production increased 0.5% (0.1% y/y) as energy product output jumped 2.2% (3.4% y/y). Chemical output rose 0.3% (-0.3% y/y), but clothing production fell 0.5% (-10.5% y/y). Business equipment production increased 0.6% (0.0% y/y) as industrial equipment production rose 0.7% (0.6% y/y); but information processing equipment output eased 0.1% (+3.6% y/y).

Materials production jumped 1.0% (-1.6% y/y) as energy materials surged 1.7% (-3.1% y/y). Durable goods material output increased 0.8% (-1.1% y/y) and nondurable goods materials production rose 0.7% (0.3% y/y).

Utilities production surged 2.1% (3.5% y/y) while mining output firmed 0.7% (-10.2% y/y).

In the special industrial output groupings, output of high technology products rose 1.0% (5.8% y/y). Computer & office equipment improved 0.2% (2.3% y/y). Industrial production excluding autos & high technology products increased 0.7% (-1.0% y/y).

The overall capacity utilization rate rose to 75.9%, its highest level since December. The factory sector utilization rate rose to 75.4%, the highest level since February. Industrial capacity increased 0.5% 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) Jul Jun May Jul Y/Y 2015 2014 2013
Total Output 0.7 0.4 -0.2 -0.5 0.3 2.9 1.9
Manufacturing 0.5 0.3 -0.2 0.2 0.8 1.3 0.9
    Consumer Goods 0.6 0.5 -0.4 0.8 1.4 0.7 0.7
    Business Equipment 0.6 0.6 -0.1 0.0 0.7 2.4 -0.2
    Construction Supplies 0.4 -0.3 -0.8 1.5 1.5 3.7 3.0
  Materials 1.0 0.5 0.0 -1.6 0.5 4.7 3.3
Utilities 2.1 2.1 -0.4 3.5 -0.7 1.3 2.3
Mining 0.7 -0.3 0.8 -10.2 -1.8 11.0 6.5
Capacity Utilization (%) 75.9 75.4 75.1 76.7 76.7 78.2 76.9
 Manufacturing 75.4 75.0 74.8 75.8 75.5 75.4 74.5
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