Industrial production jumped an outsized 1.0 percent in September after a decline of 0.2 percent in August. Forecasts were for 0.4 percent. Yes, utilities were the big mover, spiking a monthly 3.9 percent, following a 1.2 percent gain the prior month.
But manufacturing was solid, rebounding 0.5 percent in September after a 0.5 percent decline the month before. Expectations for the manufacturing component were for a rise of 0.4 percent. Mining advanced 1.8 percent, following a 0.3 percent increase in August.
Within manufacturing, the production of durable goods increased 0.4 percent in September. The durables subcomponent was led by the aerospace and miscellaneous transportation equipment. The production of nondurable goods moved up 0.5 percent in September. With the exception of petroleum and coal products, each of the major components of nondurables posted gains in September.
Overall capacity utilization jumped to 79.3 percent from 78.7 percent in August.
Manufacturing appears to have regained some steam for the U.S. economy. The third quarter still appears likely to post moderately healthy growth. Today's jobless claims report adds to that argument.
Recent History Of This Indicator:
Industrial production slipped 0.1 percent in August after a gain of 0.2 percent the month before. Analysts expected a 0.3 percent boost for the month. The decline may be deceiving, tied to auto assemblies and retooling schedules. Manufacturing production fell 0.4 percent after a 0.7 percent increase in July. Weakness was led by motor vehicles which dropped a monthly 7.6 percent. In contrast, motor vehicle sales have been healthy, indicating that this was just a retooling timing issue. Manufacturing excluding motor vehicles rose 0.1 percent after a matching rise in July. Auto assemblies (autos and light trucks) fell to an annualized pace of 11.36 million units from 12.91 million in July. For other industries, mining rebounded 0.5 percent after slipping 0.3 percent in July. Utilities made a partial comeback of 1.0 percent, following a drop of 2.7 percent the month before. Capacity utilization eased to 78.8 percent from 79.1 percent in July.
Industrial production slipped 0.1 percent in August after a gain of 0.2 percent the month before. Analysts expected a 0.3 percent boost for the month. The decline may be deceiving, tied to auto assemblies and retooling schedules. Manufacturing production fell 0.4 percent after a 0.7 percent increase in July. Weakness was led by motor vehicles which dropped a monthly 7.6 percent. In contrast, motor vehicle sales have been healthy, indicating that this was just a retooling timing issue. Manufacturing excluding motor vehicles rose 0.1 percent after a matching rise in July. Auto assemblies (autos and light trucks) fell to an annualized pace of 11.36 million units from 12.91 million in July. For other industries, mining rebounded 0.5 percent after slipping 0.3 percent in July. Utilities made a partial comeback of 1.0 percent, following a drop of 2.7 percent the month before. Capacity utilization eased to 78.8 percent from 79.1 percent in July.
No comments:
Post a Comment