- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
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)...
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
by Tom Moeller January 18, 2017
During all of 2016, industrial production improved 0.5%. In December alone, industrial output increased 0.8% following a 0.7% November decline, revised from -0.4%. The latest reading exceeded expectations for a 0.6% increase in the Action Economics Forecast Survey.
Much of the weakness in output last year was due to a 2.7% December-to-December decline in mining production. During all of 2016, mining output fell 9.0% on average from 2015. Utilities production made up for some of this weakness with a 6.6% rebound in December, a 6.2% increase y/y.
Factory sector production gained 0.2% last month (0.2% y/y) following a 0.1% slip. Production was unchanged for the full year. Consumer goods production rebounded 1.1% (1.6% y/y) and made up a 1.0% fall in November. In the durable goods sector, auto production recovered 2.1% (8.6% y/y) and recouped November's decline. Computers and video & audio equipment production fell by 1.0% (+2.1% y/y) after a 0.2% dip. Furniture & appliance production fell 0.4% ( 1.0% y/y) following a 0.8% rise. In the nondurable goods area, clothing output improved 0.2% (-3.7% y/y), but chemical production declined 1.0% (-1.8% y/y). Paper output eased 0.2% (+1.8% y/y). In the capital goods sector, production rebounded 0.7% (0.8% y/y) after a 0.6% decline. Transit equipment production remained unchanged (-1.7% y/y), but information processing equipment strengthened 1.4% (4.6% y/y). Construction supplies production eased 0.3% (+0.3% y/y).
In the materials sector, a 1.0% increase in output (0.1% y/y) reflected a 0.2% rise (-0.1% y/y) in durables and a 0.5% decline (-0.2% y/y) in nondurables. Energy materials production rebounded 3.1% (0.8% y/y) following a 2.7% decline.
In the special industrial output groupings, computers, communications equipment & semiconductor output rose 0.3% (3.0% y/y). Computer & peripheral equipment output rebounded 2.4% (+19.2% y/y) after a 3.7% decline, but communications equipment output remained steady (3.8% y/y). Overall factory sector production excluding both the high-tech and automotive sectors was unchanged (-0.5% y/y) following a 0.1% uptick.
Capacity utilization increased to 75.5%, but fell to 75.3% for the year from 76.7% in 2015. Factory sector utilization was little changed m/m at 74.8%, but remained below the 2014 peak of 76.3%.
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.
The Fed's latest Beige Book covering regional economic conditions can be found here.
|Industrial Production (SA, % Change)||Dec||Nov||Oct||Dec Y/Y||2016||2015||2014|
|Capacity Utilization (%)||75.5||74.9||75.4||75.4||75.3||76.7||78.2|