Updated: 18-Jan-19 09:55 ET
| December Industrial Production |
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| Updated: 18-Jan-19 09:55 ET |
Highlights
- Industrial production increased 0.3% in December (Briefing.com consensus 0.2%) on top of a downwardly revised 0.4% increase (from 0.6%) in November.
- The capacity utilization rate rose to 78.7% (Briefing.com consensus 78.5%) from an upwardly revised 78.6% (from 78.5%).
Key Factors
- Manufacturing output increased 1.1% after increasing 0.1% in November. Motor vehicle and parts saw a 4.7% gain in December, with motor vehicle assemblies increasing 7.9% to a seasonally adjusted annual rate of 12.22 million units.
- Mining output was up 1.5% after increasing 1.1% in November.
- The output of utilities dropped 6.3% in December, after increasing 1.3% in November, due to warmer-than-usual temperatures that reduced heating demand.
Big Picture
- The key takeaway from the report is that the there was notable strength in manufacturing output (hard data), which saw its largest gain since February 2018 and helped allay some of the concerns surrounding the softening ISM Manufacturing Index (and soft survey data) for December.
| Category | DEC | NOV | OCT | SEP | AUG |
| Industrial Production | |||||
| Total Index | 0.3% | 0.4% | 0.2% | 0.1% | 0.8% |
| Manufacturing | 1.1% | 0.1% | -0.2% | 0.2% | 0.5% |
| Utilities | -6.3% | 1.3% | 3.3% | -1.3% | 1.1% |
| Mining | 1.5% | 1.1% | -0.2% | 0.6% | 2.3% |
| Capacity Utilization | |||||
| Total Industry | 78.7% | 78.6% | 78.4% | 78.4% | 78.5% |
| Manufacturing | 76.6% | 75.8% | 75.9% | 76.1% | 76.0% |
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