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Industrial
production (IP) was unchanged in May after having decreased 0.4 percent in
April. In May, manufacturing production rose 0.1 percent after falling in each
of the previous two months, and the output at mines increased 0.7 percent. The
gains in manufacturing and mining were offset by a decrease of 1.8 percent in
the output of utilities. At 98.7 percent of its 2007 average, total industrial
production in May was 1.6 percent above its year-earlier level. Wood Products advanced
by 1.1 percent while Paper was unchanged in May.
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The
rate of capacity utilization for total industry edged down 0.1 percentage point
to 77.6 percent, a rate 0.2 percentage point below its level of a year earlier
and 2.6 percentage points below its long-run (1972-2012) average. Like
industrial production, Wood Products capacity utilization rose by 1.1 percent
but was unchanged for Paper.
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Capacity
at the all-industries and manufacturing levels moved higher (both 0.2 percent).
By contrast, both Wood Products and Paper contracted by 0.1 percent.
The foregoing comments represent the
general economic views and analysis of Delphi Advisors,
and are provided solely for the purpose of information, instruction and
discourse. They do not constitute a solicitation or recommendation regarding
any investment.
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