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Industrial
production (IP) increased 0.6 percent in September (thanks primarily to a
4.4 percent gain in the output of utilities) following a gain of 0.4 percent in
August; September’s overall gain was better than expectations
of 0.4 percent. For 3Q2013 as a whole, industrial production rose at an annual
rate of 2.3 percent. Manufacturing output edged up 0.1 percent in September
following a gain of 0.5 percent in August, and increased at an annual rate of
1.2 percent for 3Q. The level of the index for total industrial production in
September was equal to its 2007 average and was 3.2 percent above its
year-earlier level. Wood Products output rose by 0.6 percent while Paper shrank
by 0.4 percent.
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Capacity
utilization for total industry moved up 0.4 percentage point to 78.3 percent in
September, a rate 1.9 percentage points below its long-run (1972-2012) average.
Wood Products capacity utilization rose by 1.7 percent while Paper decreased by
1.1 percent.
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Capacity
at the all-industries and manufacturing levels moved, respectively, 0.2 and 0.1
percent higher. By contrast, Wood Products remained unchanged while 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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