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Macro Pulse highlights recent activity and events expected to affect the U.S. economy over the next 24 months. While the review is of the entire U.S. economy its particular focus is on developments affecting the Forest Products industry. Everyone with a stake in any level of the sector can benefit from
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Tuesday, October 29, 2013

September 2013 Industrial Production, Capacity Utilization and Capacity

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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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