Monday, October 28, 2013 10:13:22 AM
a beat: Industrial Production
Released On 10/28/2013 9:15:00 AM For Sep, 2013
Prior Prior Revised Consensus Consensus Range Actual
Production - M/M change 0.4 % 0.4 % 0.1 % to 0.8 % 0.6 %
Capacity Utilization Rate - Level 77.8 % 77.9 % 78.0 % 77.7 % to 78.4 % 78.3 %
Manufacturing - M/M 0.7 % 0.5 % 0.3 % 0.2 % to 0.4 % 0.1 %
Highlights
Growth in industrial production topped expectations-but it was all about atypically cool weather. Manufacturing is still flat. Overall industrial production gained 0.6 percent in September, following a 0.4 percent rise in August (originally up 0.4 percent). The median forecast was for a 0.4 percent increase for September.
The manufacturing component edged up 0.1 percent, following a 0.5 percent boost in August (originally up 0.7 percent). Market expectations were for a 0.3 percent gain. One of the positives was a rise in motor vehicle assemblies. Excluding motor vehicles, manufacturing was unchanged after a 0.2 percent rebound in August.
The production of durable goods moved up 0.5 percent in September and advanced at an annual rate of 2.7 percent in the third quarter. The output of motor vehicles and parts increased 2.0 percent in September following a gain of 5.2 percent in August. The index for machinery rose 1.5 percent in September, and smaller increases were recorded in the production of wood products, of primary metals, of aerospace and miscellaneous transportation equipment, and of miscellaneous goods. Declines were recorded in the output of furniture and related products; computer and electronic products; electrical equipment, appliances and components; and nonmetallic mineral products.
Nondurables production decreased 0.3 percent in September, for a third consecutive monthly decline, and edged down at an annual rate of 0.3 percent for the third quarter.
The output of utilities surged 4.4 percent in September after a 0.9 percent dip the month before. The September jump was related to atypically cool weather boosting utilities demand. Production at mines advanced 0.2 percent, following a 0.6 percent boost in August.
Capacity utilization for total industry rose to 78.3 percent from 77.9 percent in August. Analysts projected 78.0 percent.
Despite the headline number, the manufacturing sector remains sluggish. The Fed clearly will ignore weather effects on overall industrial production at the October 29-30 policy meeting.
The traditional non-NAICS numbers for industrial production may differ marginally from the NAICS basis figures.
Released On 10/28/2013 9:15:00 AM For Sep, 2013
Prior Prior Revised Consensus Consensus Range Actual
Production - M/M change 0.4 % 0.4 % 0.1 % to 0.8 % 0.6 %
Capacity Utilization Rate - Level 77.8 % 77.9 % 78.0 % 77.7 % to 78.4 % 78.3 %
Manufacturing - M/M 0.7 % 0.5 % 0.3 % 0.2 % to 0.4 % 0.1 %
Highlights
Growth in industrial production topped expectations-but it was all about atypically cool weather. Manufacturing is still flat. Overall industrial production gained 0.6 percent in September, following a 0.4 percent rise in August (originally up 0.4 percent). The median forecast was for a 0.4 percent increase for September.
The manufacturing component edged up 0.1 percent, following a 0.5 percent boost in August (originally up 0.7 percent). Market expectations were for a 0.3 percent gain. One of the positives was a rise in motor vehicle assemblies. Excluding motor vehicles, manufacturing was unchanged after a 0.2 percent rebound in August.
The production of durable goods moved up 0.5 percent in September and advanced at an annual rate of 2.7 percent in the third quarter. The output of motor vehicles and parts increased 2.0 percent in September following a gain of 5.2 percent in August. The index for machinery rose 1.5 percent in September, and smaller increases were recorded in the production of wood products, of primary metals, of aerospace and miscellaneous transportation equipment, and of miscellaneous goods. Declines were recorded in the output of furniture and related products; computer and electronic products; electrical equipment, appliances and components; and nonmetallic mineral products.
Nondurables production decreased 0.3 percent in September, for a third consecutive monthly decline, and edged down at an annual rate of 0.3 percent for the third quarter.
The output of utilities surged 4.4 percent in September after a 0.9 percent dip the month before. The September jump was related to atypically cool weather boosting utilities demand. Production at mines advanced 0.2 percent, following a 0.6 percent boost in August.
Capacity utilization for total industry rose to 78.3 percent from 77.9 percent in August. Analysts projected 78.0 percent.
Despite the headline number, the manufacturing sector remains sluggish. The Fed clearly will ignore weather effects on overall industrial production at the October 29-30 policy meeting.
The traditional non-NAICS numbers for industrial production may differ marginally from the NAICS basis figures.
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
