- US: IIP (Q4)
- Zambia: BOP (Q4); Israel: Credit Card Purchases (Feb); UAE: CPI (Feb); Saudi Arabia: GDP (Q4-Prelim)
- Hungary: Employment (Feb); Bulgaria: Business Survey (Mar); Kazakhstan: Consolidated Budget (Feb)
- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar); Iceland: PPI (Feb)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
- Italy: ISTAT Business & Consumer Survey (Mar)
- more updates...
Economy in Brief
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...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Sandy Batten February 15, 2017
Industrial production decreased 0.3% m/m (+0.1% y/y) in January following a downwardly revised 0.6% m/m increase in December. The consensus from the Action Economics Survey had looked for an unchanged reading for total production. In January, manufacturing output rose 0.2% m/m (+0.4% y/y), and mining output jumped an outsized 2.8% m/m (+0.4% y/y, its first y/y rise since April 2015) with most mining industries reporting increases. The index for utilities fell 5.7% m/m (-2.7% y/y), due mostly to unseasonably warm weather that reduced the demand for heating, and more than reversed the 5.1% m/m jump in December. Note that monthly data throughout 2016 have been revised to reflect updated seasonal adjustment factors.
The rate of capacity utilization for total industry fell 0.3%-pt to 75.3% in January against a consensus expectation for a reading of 75.5% (which would have been unchanged from the initially reported December figure). The January figure is 4.6%-pts below its long-run (1972-2016) average. The rate of capacity in manufacturing edged up 0.1%-pt in January to 75.1%. This measure has fluctuated in a relatively narrow range for the past 5 months.
In the factory sector, production was significantly restrained by a 2.9% m/m decline in the output of motor vehicles and parts. Apart from this decline, manufacturing output elsewhere rose a solid 0.5%. And nondurable manufacturing production rose 0.6% m/m, led by textiles and chemicals. Production of consumer goods slipped 0.8% m/m (-0.1% y/y) in January following a 1.4% m/m jump in December. The January decline reflected a drop in both consumer energy products (-6.5% m/m) and consumer durables (again led by auto weakness). Production of business equipment edged up 0.1% m/m (1.2% y/y) on top of a 0.8% m/m gain in December. Output of transit equipment fell 1.5% m/m while production of IT equipment jumped 1.0% m/m. And production of construction supplies jumped 0.9% m/m (0.6% y/y) after having fallen 0.5% m/m in December.
The drop in materials output in January was dominated by a 1.4% m/m decline in production of energy, offsetting a 1.4% m/m rise in December. Output of non-energy materials rose 0.5% m/m after a 0.3% m/m decline in December.
In the special industrial output groupings, output in high-technology industries was unchanged m/m in January following a 0.7% m/m increase in December. Output excluding that in high-tech industries was up 0.3% m/m in January on top of a 0.1% m/m increase in December.
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)||Jan||Dec||Nov||Jan Y/Y||2016||2015||2014|
|Capacity Utilization (%)||75.3||75.6||75.2||75.7||75.4||76.7||78.2|