U.S. FRB: INDUSTRIAL PRODUCTION UP 0.4%
FRB - Industrial production rose 0.4 percent in June for its fifth consecutive monthly increase. Manufacturing output moved up 0.2 percent; although factory output has gone up and down in recent months, its level in June was little different from February. The index for mining posted a gain of 1.6 percent in June, just slightly below its pace in May. The index for utilities, however, remained unchanged. For the second quarter as a whole, industrial production advanced at an annual rate of 4.7 percent, primarily as a result of strong increases for mining and utilities. Manufacturing output rose at an annual rate of 1.4 percent, a slightly slower increase than in the first quarter. At 105.2 percent of its 2012 average, total industrial production in June was 2.0 percent above its year-earlier level. Capacity utilization for the industrial sector increased 0.2 percentage point in June to 76.6 percent, a rate that is 3.3 percentage points below its long-run (1972–2016) average.
The output of consumer goods was unchanged in June but rose at an annual rate of 6.1 percent in the second quarter. Consumer durables recorded a gain of 1.0 percent in June as a result of sizable increases in the indexes for automotive products and for appliances, furniture, and carpeting. The indexes for consumer non-energy nondurables and for consumer energy products declined 0.3 percent and 0.4 percent, respectively. The output of business equipment edged up 0.1 percent; the indexes for its major components were all little changed from May. Similarly, the indexes for defense and space equipment, construction supplies, and business supplies were nearly unchanged in June. The production of materials moved up 0.7 percent. The output of energy materials jumped about 1 percent, and durable and nondurable materials each posted increases of about 1/2 percent.
Manufacturing output moved up 0.2 percent in June following a decline in May. The production of durables advanced 0.4 percent, while the indexes for nondurables and for other manufacturing (publishing and logging) were little changed. Nearly all major industry groups within durables posted gains. Within nondurables, plastic and rubber products registered an increase of more than 1 percent, and apparel and leather recorded a decrease of more than 1 percent; the other major components of nondurables posted gains or losses of 1/2 percent or less.
The index for mining recorded a second consecutive gain of more than 1-1/2 percent in June, with advances in oil and gas extraction, in coal mining, and in drilling and support activities. Although mining production was 9.9 percent higher than its year-earlier level, it was still 9.0 percent below its peak in December 2014. After jumping 14.1 percent at an annual rate in the first quarter, the index for mining increased at the same pace in the second quarter. The output of utilities was unchanged in June, as a decrease for gas utilities was offset by an increase for electric utilities.
Capacity utilization for manufacturing rose 0.1 percentage point in June to 75.4 percent, a rate that is 3.0 percentage points below its long-run average. The operating rates for durables and for other manufacturing (publishing and logging) each advanced, while the rate for nondurables remained unchanged. Capacity utilization for all three of these major components of manufacturing remained below their respective long-run averages, with the deficit being the greatest for other manufacturing. Utilization for mining moved up 1.1 percentage points to 84.8 percent in June but remained below its long-run average. The operating rate for utilities was unchanged at 76.4 percent.
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