News

US Industrial Output Falls for 2nd Month as Expected
Industrial production in the US rose by 0.4% from the previous month in March 2024, in line with expectations and following an upwardly revised 0.4% increase in February. Manufacturing output, which makes up 78% of total production, went up by 0.5%, driven by a 3.1% surge in motor vehicles and parts. Utilities also saw a 2% boost, with both electric and natural gas utilities on the rise. However, mining output dropped by 1.4%. Capacity utilization hit 78.4% in March, 1.2 percentage points lower than the long-run average. In Q1, industrial production fell by 1.8% annually, with factory and mining outputs down by 0.1% and 1.4% respectively.
Published on 2024-04-16

US Industrial Output Sees Surprise Rebound
Industrial production in the US increased by 0.1% from the previous month in February 2024, following a downwardly revised 0.5% fall in January. It compared with market expectations of no growth and marked a rebound from two consecutive months of decline. Manufacturing output, which makes up 78% of total production, saw a strong increase of 0.8%, recovering from a downwardly revised 1.1% drop in January and exceeding forecasts of 0.3%; and mining output also saw a significant improvement of 2.2%, partially due to recovery from weather-related setbacks in January. However, utility output decreased by 7.5% due to warmer temperatures. Capacity utilization for the industrial sector remained at 78.3% in February, 1.3 percentage points below the long-term average of 78.5%. Year-on-year, industrial production edged 0.2% lower in February, following a revised 0.3% fall in January.
Published on 2024-03-15

US Industrial Production Unexpectedly Falls
Industrial production in the US edged down 0.1 percent from the previous month in January 2024, missing market expectations of a 0.3 percent growth after recording no change in December. Manufacturing output, which accounts for 78% of total production, fell by 0.5 percent, compared with forecasts of a flat reading and mining output dropped by 2.3 percent due to winter weather. On the other hand, output from utilities soared by 6 percent as demand for heating surged following a move from unusually mild temperatures in December to unusually cold temperatures in January. Capacity utilization for the industrial sector moved down 0.2 percentage point in January to 78.5 percent, a rate that is 1.1 percentage points below its long-run (1972–2023) average.
Published on 2024-02-15

US Industrial Production Unexpectedly Rises
Industrial production in the US increased by 0.1% from the previous month in December of 2023, beating market expectations of no growth. Manufacturing output, which accounts for 78% of total production, rose by 0.1%, also beating market expectations of a flat reading. Additionally, mining output advanced by 0.9%, while output from utilities fell by 1%. Capacity utilization was unchanged in December at 78.6 percent, a rate that is 1.1 percentage points below its long-run (1972–2022) average. Industrial production declined by 3.1% at an annual rate in Q4, and manufacturing output declined by 2.2%.
Published on 2024-01-17

US Industrial Production Rebounds Less than Expected
Industrial production in the US rose by 0.2% from the previous month in November of 2023, trimming the upwardly revised 0.9% decline seen in October, and slightly below market expectations of a 0.3% increase. Manufacturing output, which accounts for 78% of total production, rose by 0.3%, also marginally missing market expectations of 0.4%. Among manufacturing industries, automotive products posted a sharp rebound with a 7.5% jump, while that for business equipment advanced by 0.9% amid ample production of transit equipment. Further, defense and space equipment output grew by 1.2%, while that for construction supplies and business supplies both stagnated. Additionally, mining output also advanced by 0.3%, while output from utilities fell by 0.4% to record the fourth straight month of contractions.
Published on 2023-12-15

US Industrial Output Falls More than Expected
Industrial production in the US fell 0.6% mom in October 2023, the most in 4 months and more than market expectations of a 0.3% decrease. Manufacturing output, which accounts for 78% of total production, dropped 0.7%, also more than forecasts of a 0.3% decrease. Also, utilities dropped by 1.6% while mining output went up by 0.4%. Among manufacturing, motor vehicles and parts posted the largest decline (10%) because it was affected by strikes at several major manufacturers of motor vehicles. Meanwhile, decreases were also seen in the indexes for primary metals (1.7%) as well as furniture and related products (1.4%). On the other hand, computer and electronic products (1.9%) and electrical equipment, appliances, and components (1.5%) rose. Capacity utilization moved down 0.6 percentage point to 78.9% in October, a rate that is 0.8 percentage point below its long-run (1972–2022) average.
Published on 2023-11-16

US Industrial Output Unexpectedly Rises
Industrial production in the US went up 0.3% mom in September 2023, beating expectations of a flat reading. Manufacturing output, which accounts for 78% of total production, rose 0.4%, above forecasts of a 0.1% increase, after a 0.1% fall in the previous month. Also, mining output advanced by 0.4%, extending gains for the fourth consecutive month while utilities dropped by 0.3%. Among manufacturing, motor vehicles and parts moved up only 0.3%, as motor vehicle assemblies were held down by the ongoing strike against three automakers. Meanwhile, gains of 1% or more were recorded by wood products, primary metals, and plastics and rubber products. On the other hand, apparel and leather as well as printing and support declined by more than 1%. Capacity utilization moved up 0.2 percentage points to 79.7%, a rate that is equal to its long-run (1972–2022) average. Considering Q3, industrial output advanced 2.5% from a year earlier.
Published on 2023-10-17

US Industrial Output Rises More than Expected
Industrial production in the United States went up 0.4 percent from a month earlier in August 2023, above market expectations of a 0.1 percent increase and compared with a downwardly revised 0.7 percent rise in July. Manufacturing output edged up 0.1 percent, as expected, following a 0.4 percent gain in the previous month. The index for durable manufacturing edged up 0.1 percent, and the index for nondurable manufacturing increased 0.2 percent. Other manufacturing (publishing and logging) moved down 0.2 percent. Also, mining output advanced by 1.4 percent mainly due to oil and gas extraction, and output of utilities rose by 0.9 percent. Capacity utilization moved up to 79.7 percent in August, in line with its long-run (1972–2022) average.
Published on 2023-09-15

US Industrial Output Growth at 6-Month High
Industrial production in the United States rose 1 percent from a month earlier in July 2023, the most in six months and following and above market expectations of a 0.3 percent increase. Manufacturing output rose 0.5 percent, beating expectations of a flat reading, as the production of motor vehicles and parts jumped 5.2 percent, while factory output elsewhere edged up 0.1 percent. Also, mining output moved up 0.5 percent and the output of utilities climbed 5.4 percent in July, bolstered by a jump of 6.7 percent for electric utilities as very high temperatures in July raised demand for cooling. Capacity utilization went up to 79.3 percent in July, a rate that is 0.4 percentage point below its long-run (1972–2022) average. Data for June 2023 was revised lower to show a 0.8 percent decline instead of the 0.5 percent decrease previously reported.
Published on 2023-08-16

US Industrial Output Falls for 2nd Month
Industrial production in the United States went down 0.5 percent from a month earlier in June 2023, following an upwardly revised 0.5% decline in the previous month and compared with market expectations of a flat reading. Manufacturing output moved down 0.3 percent, in particular the indexes for nondurable manufacturing and durable manufacturing fell 0.6 percent and 0.1 percent, respectively; and the index for other manufacturing (publishing and logging) edged down 0.2 percent. Also, mining output inched down 0.2 percent and the output of utilities fell 2.6 percent. Capacity utilization stepped down to 78.9 percent in June, a rate that is 0.8 percentage point below its long-run (1972–2022) average. Considering Q2, industrial activity rose 0.7 percent, the same as in Q1.
Published on 2023-07-18

US Industrial Output Unexpectedly Falls
Industrial production in the United States went down 0.2 percent from a month earlier in May 2023, missing market expectations of a 0.1 percent increase. Mining output slid 0.4 percent driven primarily by decreases in coal mining and support activities, in particular, oil and gas well drilling. Also, the output of utilities declined 1.8 percent for a second consecutive month, as electric utilities fell, while natural gas utilities remained unchanged. On the other hand, manuafcturing activity increased 0.1 percent, as expected. The indexes for durable manufacturing and other manufacturing (publishing and logging) increased 0.3 percent and 0.2 percent, respectively, while the output of nondurable manufacturing moved down 0.1 percent. Capacity utilization moved down to 79.6 percent in May, a rate that is 0.1 percentage point below its long-run (1972–2022) average.
Published on 2023-06-15

US Industrial Output Growth Beats Estimates
Industrial production in the United States rose 0.5 percent from a month earlier in April 2023, beating market expectations of flat reading. Manufacturing advanced 1 percent, well above forecasts of a 0.1 percent increase bolstered by a strong gain in the output of motor vehicles and parts; factory output excluding motor vehicles and parts moved up 0.4 percent. The index for mining rose 0.6 percent, while the index for utilities dropped 3.1 percent, as milder temperatures in April lowered demand for heating. Capacity utilization edged up to 79.7 percent in April, a rate that is equal to its long-run (1972–2022) average. Data for March was revised to show no growth in industrial ouptut, from previously estimates of a 0.4 percent rise.
Published on 2023-05-16

US Industrial Output Rises More than Expected
Industrial production in the United States rose 0.4% mom in March 2023, beating market expectations of a 0.2% increase and after an upwardly revised 0.2% gain in February. The index for utilities jumped 8.4%, with advances for both electric and natural gas utilities, as the return to more seasonal weather after a mild February boosted the demand for heating. On the other hand, manufacturing output decreased 0.5%, more than forecasts of a 0.1% decrease. The indexes for durable manufacturing and nondurable manufacturing moved down 0.9% and 0.1% in March, respectively, while the index for other manufacturing (publishing and logging) fell 0.7%. Mining output slipped 0.5%, with declines in the indexes for oil and gas extraction, other mining, and support activities. Capacity utilization moved up to 79.8 percent in March, a rate that is 0.1 percentage point above its long-run (1972–2022) average.
Published on 2023-04-14

US Industrial Output Unexpectedly Unchanged
Industrial production in the United States was unchanged in February 2023, missing market expectations of a 0.2 percent increase after rising by 0.3 percent in January. Manufacturing output edged up 0.1 percent, compared with forecasts of a 0.1 percent decrease. The indexes for durable manufacturing and nondurable manufacturing moved up 0.1 percent and 0.2 percent, respectively, while the index for other manufacturing (publishing and logging) fell 1.5 percent. Meanwhile, mining output fell 0.6 percent while the output of utilities rose 0.5 percent. Capacity utilization was unchanged in February at 78.0 percent, a rate that is 1.6 percentage points below its long-run average.
Published on 2023-03-17

US Industrial Output Unexpectedly Unchanged
Industrial production in the United States was unchanged in January 2023 after falling by a revised 1.0 percent in December, missing market expectations of a 0.5 percent increase. The output of utilities fell 9.9 percent, as a swing from unseasonably cool weather in December to unseasonably warm weather in January depressed the demand for heating, while manufacturing output moved up 1.0 percent and mining output rose 2.0 percent. On a yearly basis, industrial output rose 0.8 percent in January, the least since March 2021.
Published on 2023-02-15

US Industrial Output Falls Most in 15 Months
Industrial production in the US fell by 0.7% mom in December of 2022, following an upwardly revised 0.6% decrease in November and more than market expectations of a 0.1% loss. It was the biggest drop in industrial activity since September 2021, as higher interest rates and prices weighed on demand. Manufacturing output dropped 1.3%, way more than expectations for a 0.3% decrease. The indexes for durable and nondurable manufacturing dropped 1.1% and 1.5%, respectively, while the index for other manufacturing (publishing and logging) stepped down 0.9%. Meanwhile, mining was down 0.9% while utilities rose 3.9%, driven by increases for both electric and natural gas utilities. Capacity utilization dropped 0.6 percentage point in December to 78.8%, a rate that is 0.8 percentage point below its long-run (1972–2021) average. Considering Q4, industrial production declined 1.7%.
Published on 2023-01-18

US Industrial Output Sees Surprise Fall
Industrial production in the US decreased by 0.2% mom in November of 2022, following a 0.1% decrease in October and missing market expectations of a 0.1% gain as higher interest rates and prices weighed on demand. Manufacturing output dropped 0.6%, more than expectations for a 0.1% decrease. The indexes for durable and nondurable manufacturing both declined 0.6 percent, and the index for other manufacturing (publishing and logging) slipped 0.4 percent. Meanwhile, mining was down 0.7 percent while utilities rose 3.6 percent, after three months of declines. Capacity utilization moved down 0.2 percentage point in November to 79.7 percent, a rate that is 0.1 percentage point above its long-run (1972–2021) average.
Published on 2022-12-15

US Industrial Output Unexpectedly Falls
Industrial production in the US decreased by 0.1% mom in October of 2022, after a 0.1% increase in September and missing market expectations of a 0.2% gain as higher interest rates and prices weighed on demand. Manufacturing output went up 0.1%, below expectations for a 0.2% increase mostly supported by durable goods (0.5%). Within durables, increases of at least 1.5% were recorded by electrical equipment, appliances, and components; aerospace and miscellaneous transportation equipment; and motor vehicles and parts. At the same time, nondurable manufacturing fell 0.3% as gains for printing and support, plastics and rubber products, and apparel and leather products were offset by losses in petroleum and coal products, textile and product mills, and paper. Finally, mining was down 0.4%, and utilities fell 1.5%. Meanwhile, the capacity utilization rate decreased by 0.2 pp to 79.9%, a rate that is 0.3 pp above its long-run average.
Published on 2022-11-16

US Industrial Output Rises More than Expected
Industrial production in the US increased 0.4% from a month earlier in September of 2022, recovering from a revised 0.1% fall in August and above market expectations of a 0.1% gain. Manufacturing output rose 0.4%, the same as in the previous month, and also beating expectations for a 0.2% increase. The indexes for durable and nondurable manufacturing rose 0.5% and 0.3%, respectively, while the index for other manufacturing fell 0.7%. Within durables, gains of at least 1% were recorded by nonmetallic mineral products, fabricated metal products, computer and electronic products, and motor vehicles and parts. Within nondurables, declines in paper and in printing and support were outweighed by gains in food, beverage, and tobacco products; apparel and leather; chemicals; and petroleum and coal products. The index for mining moved up 0.6%, and the index for utilities fell 0.3%. Considering Q3, industrial production advanced by 2.9%.
Published on 2022-10-18

US Industrial Output Misses Market Expectations
Industrial production in the United States decreased 0.2% from a month earlier in August of 2022, missing market expectations of a 0.1%. Manufacturing output edged up 0.1%, down from a 0.6% rise in the previous month. The index for durable manufacturing was unchanged, the index for nondurable manufacturing rose 0.2%, and the index for other manufacturing (publishing and logging) edged down 0.1%. Within durables, gains of at least 1.0% were recorded by machinery, by computer and electronic products, by aerospace and miscellaneous transportation equipment, and by miscellaneous manufacturing. Losses of more than 1% were registered by wood products, by motor vehicles and parts, and by furniture and related products. Within nondurables, increases for petroleum and coal products, paper, and chemicals offset decreases for most other industries. The index for mining was unchanged, and the index for utilities decreased 2.3%.
Published on 2022-09-15