Industrial Production – Fell 0.33% in January

Posted - Filed under Industrial Production, Release Observations.

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January growth in Industrial Production was reported today by the Federal Reserve, showing a monthly, seasonally adjusted drop of 0.33%, giving a 2.91% year over year change.

Although revisions to December’s was minimal, November’s strong growth was revised downwards again, from 1.04% to 0.66%.  November growth was originally reported at 1.13%

Manufacturing and Mining both dropped, while Utilities rose.

More detailed breakdowns and charts available on our Industrial Production Data-set Page.

U.S. Industrial Production – Major Industry Groups
Changes by Sub-Index. Seasonally Adjusted.
Percentage Change of
Sub-Indexes		 Monthly Change (%) 3-Month Change (%) Year/Year Change (%)
Nov.
2013		 Dec.
2013		 Jan.
2014		 to July
2013		 to Oct.
2013		 to Jan.
2014		 Nov.
2013		 Dec.
2013		 Jan.
2014
Total index 0.66 0.32 -0.33 0.22 1.37 0.65 2.98 3.27 2.91
– Manufacturing (SIC) 0.32 0.25 -0.81 0.13 1.43 -0.24 2.64 2.02 1.33
– – Durable manufacturing 0.70 -0.55 -0.82 0.05 2.61 -0.68 4.60 3.33 2.76
– – Nondurable manufacturing 0.01 1.23 -0.77 0.19 0.17 0.46 0.90 0.96 0.11
– – Other manufacturing -1.30 -0.64 -1.10 0.66 0.63 -3.01 -3.22 -3.33 -3.82
– Mining 0.88 1.77 -0.86 3.36 -0.08 1.78 4.46 6.79 6.75
– Electric and gas utilities 2.89 -1.38 4.08 -3.84 3.24 5.61 3.26 7.63 9.31
– – Electric power generation, transmn and distrn. 1.54 -0.69 3.79 -3.62 3.67 4.67 2.72 6.53 8.14
– – Natural gas distribution 13.00 -6.03 6.09 -5.39 0.11 12.66 7.04 16.13 18.29

 

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The 0.33% fall in total production was the result of the following, weighted contributions from:

 

Manufacturing: Contributed 0.60% points to the fall

Mining: Contributed -0.13% points to the fall.

Utilities: Contributed a countering  0.40% points of growth.

(These do not total exactly, due to rounding.)

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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.