Posted on 06/17/2003 6:29:50 AM PDT by Starwind
DATA SNAP: US Industrial Production Edges Up In May
. ======================================================== Industrial Production !Surprise: No ! . May Apr !Trend: Mfg ! Industrial Production: +0.1% -0.6%r ! Output Stable ! Capacity Utilization 74.3% 74.3%r !Consensus: ! . !Ind Prod: Unch ! . !Capacity: 74.4% ! ========================================================
WASHINGTON (Dow Jones)--U.S. industrial output edged up in May and capacity use was unchanged, adding to evidence that the manufacturing sector may have started to stabilize.
Industrial production rose 0.1% last month, the Federal Reserve said Tuesday. This followed a 0.6% drop in April, revised from an initial estimate of a 0.5% fall.
Capacity use was unchanged in May at 74.3%. April capacity use was revised down slightly, to 74.3% from an initial estimate of 74.4%. In the last two months, capacity use has remained at its lowest level since June 1983.
The May report was broadly in line with what Wall Street anticipated. A Dow Jones Newswires-CNBC poll of 13 economists called for May production to be unchanged and for capacity use to come in at 74.4% for the month.
Manufacturing has been particularly hard hit throughout the U.S. economy's recession and slowdown of the last few years. But May's production data add to two recent economic surveys suggesting that manufacturing output is no longer falling rapidly.
The Institute for Supply Management said manufacturing activity contracted at a much slower pace in May, as its purchasing managers index rose to 49.4 from 45.4 in April. Readings above 50 indicate expansion of activity and prices in the manufacturing sector, while readings under 50 denote contraction.
A new survey from the Federal Reserve Bank of New York also showed signs of a shifting trend. The New York Fed said its monthly index of state manufacturing conditions jumped to 26.8 in June, the highest level in the survey's two-year existence, from 10.6 in May. Any number above zero means more manufacturers say business conditions are improving than say they are worsening.
Within the May industrial-production report, manufacturing output rose 0.2%, after a 0.7% drop in April. In May, declines in auto production were offset by production gains for computer equipment, fabricated metal products and mineral products, the Fed said.
Manufacturing capacity use edged up to a level of 72.6% in May from April's 72.5%. In April, manufacturing capacity use reached its lowest level since May 1983.
(MORE) Dow Jones Newswires 06-17-03 0918ET- - 09 18 AM EDT 06-17-03
DATA SNAP/Indus Production -2: Tech Output Rises Again
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Production of motor vehicle assemblies fell to an annual rate of 11.25 million for autos and light trucks in May. This was down from the April rate of 11.46 million.
Motor vehicles and parts production fell 1.1% in May, and production of consumer automotive parts fell 1.3%. In April, those categories fell by 1.4% and 1.1% respectively.
Excluding autos, manufacturing production rose 0.2% in May after a 0.8% drop in April, the Fed said.
For overall consumer durable goods, production fell 0.5% in May after a 0.8% drop in April. Production of consumer nondurable goods was unchanged in May after falling 0.6% in April.
Business-equipment production was also unchanged in May after a 0.6% drop in April. The technology industry posted another month of strong gains, as production rose 0.8% in May after a 1.1% increase in April.
Semiconductor production rose 1.7% in May after a 1.4% gain in April. Output of computers and office equipment rose 1.9% in May, the same as in April. But production of communications equipment fell last month, posting a 1.3% drop after a 0.1% slide in April.
Excluding selected high-technology industries, industrial production rose 0.1% in May after a 0.7% fall in April.
Utilities production dropped in May, falling 0.8% after a 0.1% increase in April. Utilities capacity use also dropped, falling to a May level of 83.4% from 84.3% in the previous month.
The mining industry posted gains in May, as production rose 0.8% after a 0.4% rise in April. Mining capacity use rose to a level of 85.0% in April from 84.3% the month before.
-By Rebecca Christie, Dow Jones Newswires; 202 862 9249; rebecca.christie@dowjones.com
(END) Dow Jones Newswires 06-17-03 0922ET- - 09 22 AM EDT 06-17-03
Table Of Data On US Capacity Utilization
. Percent of capacity in use . MAY APR. MAR. FEB. Total Industry 74.3 74.3 74.8 75.3 . Manufacturing 72.6 72.5 73.1 73.3 . Durables 68.3 68.3 68.7 69.3 . Primary Metals 73.5 74.4 73.8 77.0 . Motor Vehicles & Part 76.3 77.4 78.7 80.1 . Nondurables 77.1 76.9 77.6 77.4 . Paper and Products 82.1 82.1 83.3 81.9 . Chemicals and Product 74.1 74.3 74.8 74.9 . Petroleum Products 88.5 87.3 89.4 87.7 . Mining 85.0 84.3 84.1 84.1 . Utilities 83.4 84.3 84.6 88.4 Stage Of Process Groups . Crude 82.6 82.3 82.7 82.5 . Primary and Semifinished 76.5 76.4 77.0 77.9 . Finished 70.0 70.0 70.5 70.7
(END) Dow Jones Newswires 06-17-03 0915ET- - 09 15 AM EDT 06-17-03
Table Of Data On US Industrial Production
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. MAY APR. MAR. MAY '02 . TO MAY '03 Industrial Production Index 109.6 109.4 110.1 Monthly Percent Changes . Industrial Prod. Index 0.1 -0.6 -0.6 -0.8 . Ind'l Prod. Ex-High Tech 0.1 -0.7 -0.7 -1.3 . Manufacturing 0.2 -0.7 -0.2 -1.0 . Consumer Durables -0.5 -0.8 -0.5 -0.7 . Consumer Nondurables 0.0 -0.6 -0.4 -0.8 . Business Equipment 0.0 -0.6 -0.3 -2.8 . Materials 0.2 -0.5 -0.7 -0.4 . Utilities -0.8 0.1 -4.0 0.8 . Mining 0.8 0.4 -0.1 0.5
(Changes are increases unless preceded by minus sign.)
(MORE) Dow Jones Newswires
06-17-03 0915ET- - 09 15 AM EDT 06-17-03
Table Of Data On US Capacity Utilization . Percent of capacity in use . MAY APR. MAR. FEB. Total Industry 74.3 74.3 74.8 75.3 . Manufacturing 72.6 72.5 73.1 73.3 . Durables 68.3 68.3 68.7 69.3 . Primary Metals 73.5 74.4 73.8 77.0 . Motor Vehicles & Part 76.3 77.4 78.7 80.1 . Nondurables 77.1 76.9 77.6 77.4 . Paper and Products 82.1 82.1 83.3 81.9 . Chemicals and Product 74.1 74.3 74.8 74.9 . Petroleum Products 88.5 87.3 89.4 87.7 . Mining 85.0 84.3 84.1 84.1 . Utilities 83.4 84.3 84.6 88.4 Stage Of Process Groups . Crude 82.6 82.3 82.7 82.5 . Primary and Semifinished 76.5 76.4 77.0 77.9 . Finished 70.0 70.0 70.5 70.7 (END) Dow Jones Newswires 06-17-03 0915ET- - 09 15 AM EDT 06-17-03
Table Of Data On US Industrial Production . . MAY APR. MAR. MAY '02 . TO MAY '03 Industrial Production Index 109.6 109.4 110.1 Monthly Percent Changes . Industrial Prod. Index 0.1 -0.6 -0.6 -0.8 . Ind'l Prod. Ex-High Tech 0.1 -0.7 -0.7 -1.3 . Manufacturing 0.2 -0.7 -0.2 -1.0 . Consumer Durables -0.5 -0.8 -0.5 -0.7 . Consumer Nondurables 0.0 -0.6 -0.4 -0.8 . Business Equipment 0.0 -0.6 -0.3 -2.8 . Materials 0.2 -0.5 -0.7 -0.4 . Utilities -0.8 0.1 -4.0 0.8 . Mining 0.8 0.4 -0.1 0.5 (Changes are increases unless preceded by minus sign.) (MORE) Dow Jones Newswires 06-17-03 0915ET- - 09 15 AM EDT 06-17-03
Yep. Manpower surveyed 30,000 global clients and concluded significantly fewer would be hiring in Q3.
The problem I have in understanding the meaning of the various statistics is that I can never determine exactly how they are formulated and if the earlier statistics used for camparisons were formulated in exactly the same manner.
You're not crazy, it is difficult. Go to the links I posted for the full reports and browse for adjustments or imputation tables. Also, check out http://www.bls.gov/ and http://www.bea.doc.gov/ and search for or go to various explanations, benchmark study/report links.
Google search on the report name with 'adjustments OR imputations' also helps.
While I know that they're bad, the "worst in 12 years" would seem to be a blatant attempt (and quite probably a falsified one) to link Bush I and II together.
" Fewer U.S. employers plan to hire new employees in the third quarter than in the second quarter, making it the weakest job forecast in 12 years, according to a survey released on Tuesday."
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