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July Industrial Production Shows First Gain in 9 Months

August 14th, 2009 Michael McDonough

July’s Industrial Production Index rose by +0.5%, compared to a Bloomberg consensus of +0.6%.  his was the index’s first gain in nine months.  Capacity utilization came in slightly higher than expected at 68.5% compared to a consensus forecast of 68.0%.  The manufacturing output experienced an increment of +1.0%, mostly attributable to increased automobile production.  Excluding automobiles, manufacturing would have only experienced a +0.2% increase, and the overall industrial production index would have declined by -0.1%.  Utility output fell by 2.4% due to unusually mild weather around the country.  The production of consumer goods rose +0.6% in the month, but this is due almost entirely to a +17.4% increase in automotive related production.  The +0.5% increment in business equipment was supported by increased production of transportation equipment, which included motor vehicles and aircraft.

Percent change
Industrial production Mar-09 Apr-09 May-09 Jun-09 Jul-09 YoY
Total index -1.6 -.7 -1.1 -.4 .5 -13.1
Previous estimates -1.7 -.7 -1.2 -.4
Major market groups
Final Products -1.1 -.9 -1.2 -.5 .6 -10.1
Consumer goods -.2 -.6 -1.0 -.5 .6 -7.2
Business equipment -3.2 -1.9 -2.1 -.6 .5 -17.2
Nonindustrial supplies -1.9 -.6 -.8 -.1 -.2 -15.1
Construction -2.4 -1.3 -.1 -.4 -.1 -21.0
Materials -2.1 -.6 -1.2 -.4 .8 -15.1
Major industry groups
Manufacturing (see note below) -1.7 -.7 -1.0 -.6 1.0 -14.4
Previous estimates -1.8 -.6 -1.1 -.6
Mining -2.5 -2.7 -1.2 -1.0 .8 -11.4
Utilities -.3 .3 -2.0 .9 -2.4 -4.9
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