Industrial Production, down 0.14% in October

Posted - Filed under Industrial Production, Release Observations.

From the Federal Reserve (our emphasis in bold):

Industrial production edged down 0.1 percent in October after having increased 0.7 percent in September. Manufacturing production rose 0.3 percent in October for its third consecutive monthly gain. The index for mining fell 1.6 percent after having risen for six consecutive months, and the output of utilities dropped 1.1 percent after having jumped 4.5 percent in September. The level of the index for total industrial production in October was equal to its 2007 average and was 3.2 percent above its year-earlier level. Capacity utilization for the industrial sector declined 0.2 percentage point in October to 78.1 percent, a rate 1.1 percentage points above its level of a year earlier and 2.1 percentage points below its long-run (1972-2012) average.

August and September growth in Industrial Production were revised upwards slightly, from a 0.41% to a 0.47% gain, and from a 0.57% to 0.65% gain, respectively.

U.S. Industrial Production – Major Industry Groups
Contribution to Total Index of each Industry Group. Seasonally Adjusted.
Total Index % Points Change
by Sub-Index		 Monthly Change (Pts) 3-Month Change (Pts) Year/Year Change (Pts)
Aug.
2013		 Sep.
2013		 Oct.
2013		 to Apr.
2013		 to July
2013		 to Oct.
2013		 Aug.
2013		 Sep.
2013		 Oct.
2013
Total index 0.47 0.65 -0.14 0.65 0.21 0.98 2.77 3.26 3.24
– Manufacturing (SIC) 0.50 0.07 0.23 0.00 0.07 0.80 1.92 1.94 2.51
– – Durable manufacturing 0.53 0.18 0.12 0.30 -0.01 0.83 1.62 1.89 2.08
– – Nondurable manufacturing -0.01 -0.14 0.11 -0.24 0.09 -0.04 0.45 0.14 0.50
– – Other manufacturing -0.02 0.03 -0.00 -0.06 -0.01 0.01 -0.15 -0.09 -0.07
– Mining 0.05 0.15 -0.25 0.23 0.54 -0.05 1.09 1.07 0.72
– Electric and gas utilities -0.09 0.43 -0.11 0.42 -0.40 0.23 -0.24 0.25 0.02
– – Electric power generation, transmn and distrn. -0.08 0.42 -0.08 0.29 -0.34 0.27 -0.23 0.26 0.11
– – Natural gas distribution -0.01 0.01 -0.03 0.12 -0.06 -0.03 -0.01 -0.01 -0.09

 

Bsection_6mths

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The 0.14% drop in total production was the result of the following, weighted contributions from:
Manufacturing: Contributed 0.23%  points
Mining: Contributed -0.25% points

 

Utilities: Contributed -0.11% points

ipcumcontr_short_total

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The two charts to the left show the  growth in the overall index together with that of the weighted contributions of each major sector.  The first chart shows the monthly changes, the second shows the levels over time.