From the Federal Reserve:
Industrial production edged up 0.1 percent in February following a gain of 0.9 percent in January. Production was likely held down somewhat by winter storms in the Northeast. Manufacturing decreased 0.2 percent in February, with mixed results among its major industries. The output of mines rose 2.0 percent, while the index for utilities rose 0.5 percent. At 101.0 percent of its 2002 average, industrial output in February was 1.7 percent above its year-earlier level. Capacity utilization for total industry moved up 0.2 percentage point to 72.7 percent, a rate 7.9 percentage points below its average from 1972 to 2009.
Let's take a look at the charts (as always, click for a larger image):
Notice that both industrial production and capacity utilization have increased for five months in a row.
Industrial production has bounced off its mid-2009 low as has
Capacity utilization.
What is most encouraging about this number is how it moved higher last month despite the weather.
1 comment:
I think you should get in the habit of looking at all series ex autos, ex housing construction and ex gas. Retail sales for example ex auto,housing related and gas is now higher than the 2007 peak. I think most series show the US's problem is really that it is not building many houses or cars. The silver lining is that the medium term trends on house formation and car depreciation signal a likely full recovery
Post a Comment