EmailEconomic
Last Update: 17-Sep-19 09:42 ET
Industrial Production
Highlights
- Industrial production increased 0.6% m/m in August (Briefing.com consensus +0.1%), which was much stronger than expected and followed an upwardly revised 0.1% decline (from -0.2%) in July.
- Total capacity utilization ran at 77.9% (Briefing.com consensus 77.5%), up from 77.5% in the prior month.
Key Factors
- Manufacturing output increased 0.5% following a 0.4% decline in July.
- Mining output jumped 1.4%, rebounding from a 1.5% decline in July.
- Utilities output rose 0.6% after increasing 3.7% in July.
- Motor vehicle assemblies declined 3.7% to a seasonally adjusted annual rate of 11.21 million units.
Big Picture
- The key takeaway from the report is that all of the major market groups recorded gains in August, which is a reassuring development in terms of the economic growth outlook.
- Total industrial production was up 0.4% year-over-year. The capacity utilization rate of 77.9% is 1.9 percentage points below its long-run average.
| Category | AUG | JUL | JUN | MAY | APR |
|---|---|---|---|---|---|
| Industrial Production | |||||
| Total Index | 0.6% | -0.1% | 0.1% | 0.2% | -0.6% |
| Manufacturing | 0.5% | -0.4% | 0.6% | 0.1% | -0.9% |
| Utilities | 0.6% | 3.7% | -4.1% | 1.8% | -3.3% |
| Mining | 1.4% | -1.5% | 0.5% | -0.3% | 2.5% |
| Capacity Utilization | |||||
| Total Industry | 77.9% | 77.5% | 77.8% | 77.8% | 77.8% |
| Manufacturing | 75.7% | 75.4% | 75.8% | 75.4% | 75.4% |
