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2019-12-18 13:15:00

U.S. INDUSTRIAL PRODUCTION UP 1.1%

U.S. INDUSTRIAL PRODUCTION UP 1.1%

U.S. FRB - December 17, 2019 - Industrial production and manufacturing production both rebounded 1.1 percent in November after declining in October. These sharp November increases were largely due to a bounceback in the output of motor vehicles and parts following the end of a strike at a major manufacturer. Excluding motor vehicles and parts, the indexes for total industrial production and for manufacturing moved up 0.5 percent and 0.3 percent, respectively. Mining production edged down 0.2 percent, while the output of utilities increased 2.9 percent.

At 109.7 percent of its 2012 average, total industrial production was 0.8 percent lower in November than it was a year earlier. Capacity utilization for the industrial sector increased 0.7 percentage point in November to 77.3 percent, a rate that is 2.5 percentage points below its long-run (1972–2018) average. 

U.S. industrial production capacity utilisation 2019

Market Groups

In November, the rebound in the output of motor vehicles and parts contributed to advances of 6.4 percent for both consumer durables and transit equipment and to an increase of 1.3 percent for durable goods materials. Most of the other major market groups also recorded gains. The index for consumer energy products rose 2.2 percent, and the indexes for defense and space equipment, for information processing equipment, and for energy materials each moved up around 1 percent. The only declines among the major market groups were posted by industrial and other equipment and by nondurable non-energy materials.

Industry Groups

Manufacturing output rose 1.1 percent in November after having been held down in September and October by the strike in the motor vehicle industry. An increase of 2.2 percent for durables primarily reflected a jump of 12.4 percent for motor vehicles and parts, but even excluding motor vehicles and parts, the output of durables moved up 0.6 percent. The indexes for primary metals and for computer and electronic products advanced 1 percent or more, while the indexes for nonmetallic mineral products, furniture and related products, and machinery declined modestly. The production of nondurables edged up 0.1 percent, as increases for plastics and rubber products and for food, beverages, and tobacco products were mostly offset by decreases for petroleum and coal products, for chemicals, and for apparel and leather. The output of other manufacturing (publishing and logging) fell 1.9 percent.

Mining output slipped 0.2 percent in November following a larger decrease in October. Declines in drilling and related support activities for oil and gas wells have weighed down the index for mining for several months.

Capacity utilization for manufacturing increased 0.7 percentage point in November to 75.2 percent, a rate that is 3.1 percentage points below its long-run average. The operating rate for durables rose 1.5 percentage points, while the rate for nondurables edged down 0.1 percentage point. The utilization rate for mining moved down to 88.6 percent yet was still 1.5 percentage points higher than its long-run average. The rate for utilities increased 2.1 percentage points but remained well below its long-run average.

 

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Tags: USA, INDUSTRY, PRODUCTION