2023-08-16 14:30:46
(Washington) Industrial production in the United States rose once more in July, following two consecutive months of decline, exceeding market expectations, according to the latest data released Wednesday by the Federal Reserve (Fed).
Over one month the increase in industrial production is 1%, following a drop of 0.8% in June, according to data updated by the Fed, while analysts forecast a more modest increase in the order of 0.3%, according to the consensus published by briefing.com.
This increase concerns all categories, but is particularly marked in the automotive industry and public utility services (water or electricity distribution, air conditioning).
The overall index now stands at 102.9% of its 2017 average.
“We believe that last month’s rise will be quickly reversed, as the industrial sector faces multiple and significant challenges: falling demand, rising rates, tightening credit conditions, inventories still in the destocking phase. and dollar which remains strong”, however put into perspective in a note the chief economist for Oxford Economics, Oren Klachkin.
The increase was 1.4% compared to June for consumer products, while business equipment rose by 1%.
The only market in decline, construction is down 0.2%, with a decline of 2.7% over one year and a drop observed in five of the last six months.
The manufacturing industry is up 0.5%, but the Fed points out that over one year the latter is down 0.7%.
Among durable goods, i.e. goods with a lifespan of at least three years, the increase concerns in particular automobiles (+5.2%), machinery (+1.3%) and computers and electronic equipment (+1%), which largely offset the declines observed in electrical equipment (-1.7%), metals (-1.2%) and furniture (-1.2%) ).
As for the industrial capacity utilization rate, it continues to decline to 77.8%, which places it 0.4 percentage point below the average calculated between 1972 and 2022.
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