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Industrial
production increased 1.0 percent in September and advanced at an annual
rate of 3.2 percent in 3Q2014, roughly its average quarterly increase since the
end of 2010. In September, manufacturing output moved up 0.5 percent, while the
index for utilities climbed 3.9 percent. For 3Q as a whole, manufacturing production rose at an annual
rate of 3.5 percent, but the output of utilities fell at an annual rate of 8.5 percent for a
second consecutive quarterly decline. At 105.1 percent of its 2007 average,
total industrial production in September was 4.3 percent above its level of a
year earlier.
Wood
Products output fell by 0.8 percent while Paper rose 0.2 percent.
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The
capacity utilization rate for total industry moved up 0.6 percentage point in
September to 79.3 percent, a rate that is 1.0 percentage point above its level
of 12 months earlier but 0.8 percentage point below its long-run (1972-2013)
average; Wood Products fell by 1.3 percent, but Paper rose by 0.4 percent.
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Capacity
at the all-industries and manufacturing levels moved higher by, respectively, 0.3
and 0.2 percent. Wood Products extended its year-long trend when increasing by 0.4
percent. Paper, on the other hand, contracted by 0.2 percent to another new low.
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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