Updated: 14-Feb-25 09:36 ET
| January Industrial Production |
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| Updated: 14-Feb-25 09:36 ET |
Highlights
- Total industrial production increased 0.5% month-over-month in January (Briefing.com consensus 0.3%) following an upwardly revised 1.0% increase (from 0.9%) in December.
- The capacity utilization rate jumped to 77.8% (Briefing.com consensus 77.7%) from a downwardly revised 77.5% (from 77.6%) in December.
- Total industrial production increased 2.0% yr/yr while the capacity utilization rate was 1.8 percentage points below its long-run average.
Key Factors
- Manufacturing output declined 0.1% following an downwardly revised 0.5% increase (from 0.6%) in December, with the durable manufacturing index unchanged and the nondurable manufacturing index decreasing 0.3%. Manufacturing capacity utilization dipped to 76.3% from a downwardly revised 76.4% (from 76.6%) in December.
- Mining production fell 1.2% following a 2.0% increase in December. Mining capacity utilization dropped to 89.5% from 90.6% in December.
- The output of utilities surged 7.2% following a 2.9% increase in December. Utilities capacity utilization increased to 75.7% from 70.8% in December.
Big Picture
- The key takeaway from the report is that the jump industrial production in January was rooted entirely in the volatile component of utilities output, which surged as cold temperatures boosted the demand for heating.
| Category | JAN | DEC | NOV | OCT | SEP |
| Industrial Production | |||||
| Total Index | 0.5% | 1.0% | -0.1% | -0.5% | -0.4% |
| Manufacturing | -0.1% | 0.5% | 0.2% | -0.7% | -0.3% |
| Utilities | 7.2% | 2.9% | -1.8% | 0.4% | -0.6% |
| Mining | -1.2% | 2.0% | -0.7% | -0.1% | -0.8% |
| Capacity Utilization | |||||
| Total Industry | 77.8% | 77.5% | 76.8% | 77.0% | 77.5% |
| Manufacturing | 76.3% | 76.4% | 76.1% | 76.1% | 76.6% |
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