U.S. INDUSTRIAL PRODUCTION UP 0.2%
FRB - Industrial production rose 0.2 percent in July following an increase of 0.4 percent in June. In July, manufacturing output edged down 0.1 percent; the production of motor vehicles and parts fell substantially, but that decrease was mostly offset by a net gain of 0.2 percent for other manufacturing industries. Following a six-month string of increases beginning in September 2016, factory output was little changed, on net, between February and July. The indexes for mining and utilities in July rose 0.5 percent and 1.6 percent, respectively. At 105.5 percent of its 2012 average, total industrial production was 2.2 percent above its year-earlier level. Capacity utilization for the industrial sector was unchanged in July at 76.7 percent, a rate that is 3.2 percentage points below its long-run (1972–2016) average.
The output of consumer goods increased 0.2 percent in July. Consumer durables posted a drop of 1.9 percent as a result of sizable decreases for automotive products and for appliances, furniture, and carpeting. The indexes for consumer non-energy nondurables and for consumer energy products increased 0.7 percent and 1.3 percent, respectively. The output of business equipment fell about 1/2 percent, as a drop of nearly 3 percent for transit equipment outweighed gains elsewhere. Construction supplies recorded a decrease of about 1/2 percent, while the output of business supplies rose by a similar amount. The production of materials rose 0.3 percent, with gains in both energy materials and nondurable materials; the output of durable materials declined.
Manufacturing output edged down 0.1 percent in July. The index for durables decreased 0.5 percent, but the index for nondurables increased 0.4 percent. Among durable manufacturing industries, the largest decrease, about 3 1/2 percent, was recorded by motor vehicles and parts; in addition, the indexes for primary metals and for furniture and related products each dropped more than 1 percent. Among nondurable manufacturing industries, increases of 1 percent or more were posted by chemicals and by apparel and leather. The index for other manufacturing (publishing and logging) moved down 0.4 percent.
The index for mining rose 0.5 percent in July for its fourth consecutive monthly increase. Within mining, gains in oil and gas extraction and in metal ore mining were partially offset by declines in nonmetallic mineral mining and in drilling and support activities. The decrease of 0.5 percent in drilling and support services followed 10 consecutive months of increases for that index.
Capacity utilization for manufacturing edged down 0.1 percentage point in July to 75.4 percent, a rate that is 3.0 percentage points below its long-run average. The operating rate for durables declined 0.4 percentage point to 74.2 percent, the rate for nondurables increased 0.3 percentage point to 77.7 percent, and the rate for other manufacturing (publishing and logging) was unchanged. Utilization for mining moved up 0.2 percentage point to 84.6 percent, and the rate for utilities increased 1.2 percentage points to 78.1 percent. Capacity utilization rates for both mining and utilities remained well below their long-run averages.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.