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Industrial
production (IP) increased 0.1% (+0.3% expected)
in February after decreasing 0.3% in January (revised from +0.2%). In February,
manufacturing output moved down 0.2%, its third consecutive monthly decline.
The rates of change for the total index in January and for manufacturing in
both December and January are lower than previously reported. The index for
mining fell 2.5% in February; drops in the indexes for coal mining and for oil
and gas well drilling and servicing primarily accounted for the decrease. The
output of utilities jumped 7.3%, as especially cold temperatures drove up
demand for heating. At 105.8% of its 2007 average, total industrial production
in February was 3.5% above its level of a year earlier. Wood Products output dipped
by 0.5% while Paper was unchanged.
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Capacity
utilization (CU) for the industrial sector decreased to 78.9% in February, a
rate that is 1.2 percentage points below its long-run (1972-2014) average. Wood
Products CU slumped by 0.9% while Paper rose by 0.2%.
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Capacity
at the all-industries and manufacturing levels moved higher, both by 0.2%. Wood
Products extended its ongoing upward trend (since July 2013) when increasing by
0.4%. Paper, on the other hand, contracted by 0.2% 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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