Global| Jul 17 2012U.S. Industrial Production Recovers
by:Tom Moeller
|in:Economy in Brief
Summary
Industrial output gained 0.4% during June following a revised 0.2% May decline, last month reported as -0.1%. A 0.3% increase had been expected. A rebound in factory output led last month's improvement with a 0.7% rise which reversed [...]
Industrial output gained 0.4% during June following a revised 0.2% May
decline, last month reported as -0.1%. A 0.3% increase had been expected.
A rebound in factory output led last month's improvement with a 0.7% rise
which reversed the prior month's drop. Working the other way, utilities
output fell 2.0% with a cool start to summer after a 2.9% May rise.
In manufacturing, the capital goods sector continued to stand out with a 1.6% rise (12.7% y/y) in business equipment output. Consumer goods production rose a scant 0.1% (2.1% y/y) and made up May's slip. The 1.4% rise (19.4% y/y) in auto output was offset by a 1.3% decline (-2.2% y/y) in computers, audio & video equipment. Appliance & furniture production was unchanged (3.0% y/y) while clothing production fell 1.7% (-3.5% y/y). Utilities output fell 2.0% (-2.4% y/y).
Capacity utilization nudged up to 78.9%. In manufacturing alone, utilization rose to 77.7% and remained up from the recession low of 64.4%. Overall capacity is estimated to have risen 1.3% y/y following a 0.2% dip last year and a 2.0% decline during 2010. In the factory sector, capacity rose 1.2% y/y and excluding the high-tech industries it increased 0.8%.
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.
This morning's Senate testimony by Fed Chairman Ben S. Bernanke is available here.
| Industrial Production (SA, % Change) | Jun | May | Apr | Jun Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total Output | 0.4 | -0.2 | 0.7 | 4.6 | 4.1 | 5.4 | -11.4 |
| Manufacturing | 0.7 | -0.7 | 0.7 | 5.6 | 4.3 | 5.7 | -13.8 |
| Consumer Goods | 0.1 | -0.1 | 0.9 | 2.1 | 2.3 | 1.1 | -6.9 |
| Business Equipment | 1.6 | 0.1 | 1.6 | 12.7 | 8.3 | 8.3 | -18.2 |
| Construction Supplies | -0.4 | -1.3 | 0.6 | 4.8 | 5.6 | 3.8 | -22.9 |
| Materials | 0.4 | -0.2 | 0.6 | 4.9 | 4.6 | 8.4 | -11.5 |
| Utilities | -2.0 | 2.9 | 2.3 | -2.4 | -0.3 | 3.6 | -2.5 |
| Capacity Utilization (%) | 78.9 | 78.7 | 78.9 | 76.3 | 76.8 | 73.7 | 68.5 |
| Manufacturing | 77.7 | 77.3 | 77.9 | 74.4 | 75.0 | 71.3 | 65.5 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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