Keeping you up to date on the latest data releases.
- Industrial Production
Industrial production jumped forward in July at a 12.3 percent (annualized rate) following a previous estimate of 0.0 annualized percent increase in June. July’s growth rate more than doubled analysts’ expectations of a 6.0 percent increase. Manufacturing, up 14.3 percent annualized, was the driver behind the large gain seen in July, although most of that comes from motor vehicles and parts which soared 212 percent (annualized)—primarily due to seasonality issues and the lack of plant shutdowns over this summer. However, manufacturing without motor vehicles and parts grew at a respectable 8.3 percent (annualized). Over the past 12-months industrial production has grown 7.7 percent, down from 8.2 percent year-over-year in June, although over the 12-month growth rate over the last 3 months averages to 8.0 percent. Capacity utilization moved up from 74.1 percent to 74.8 percent in July and has climbed half-way back from its pre-recession level, around 81 percent.