August Industrial Production Misses Expectations

The Business Insider ^ | 9-15-2010 | Vincent Fernando, CFA

[blam]

August Industrial Production Misses Expectations

Vincent Fernando, CFA
Sep. 15, 2010, 9:16 AM

U.S. industrial production rose by 0.2% in August vs. 0.3% expected according to Finviz.

July's industrial production growth was also revised down to 0.6% from 1%.

Federal Reserve:

The downward revision in July primarily resulted from newly available data on the output of four industries within manufacturing: iron and steel, construction machinery, paper, and pharmaceuticals.

The index for manufacturing output rose 0.2 percent in August after having advanced 0.7 percent in July; the step-down in the rate of increase reflected a fallback in the production of motor vehicles and parts, which had jumped sharply in July. Excluding motor vehicles and parts, manufacturing output increased 0.5 percent in August after having gained 0.2 percent in July. Production at mines moved up 1.2 percent in August, while the output of utilities moved down 1.5 percent. At 93.2 percent of its 2007 average, total industrial production in August was 6.2 percent above its year-earlier level. The capacity utilization rate for total industry rose to 74.7 percent, a rate 4.7 percentage points above the rate from a year earlier and 5.9 percentage points below its average from 1972 to 2009.

See the full release here.

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[rdl6989]

Unexpected and unprecedented.

[ClearCase_guy]

Now we hear about “missed expectations”. They want to tell us that the poor performance is still “unexpected” but they are trying to spin it in such a way that people may not laugh in their face.

[Pollster1]

A fool is someone who could walk home from work in NYC and get mugged, and then on the next day would walk home again along the same route after picking up more money from their ATM and get mugged again by the same person.

Today’s journalists are the type who could walk home from work in NYC and get mugged, then on the next day would walk home again along the same route after picking up more money from their ATM and get mugged again by the same person, and after seventeen months of this describe the 520th consecutive daily mugging as “unexpected”, only shifting their words to “the walk missed my expectations” after getting laughed at for two more months and never changing their actions to avoid or fight back against the mugging.