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Industrial Production: Modest Rebound As Expected

July 14, 2017
Bottom Line: Industrial activity increased modestly in June after rising slightly in May (revised from flat). The motor vehicle sector, which was a drag on May production, rebounded modestly. Mining output rose modestly while manufacturing output rose again and is 1.2% above its year ago levels. Industrial production in Q2 increased at an annual rate of 4.7%, moderately faster than in Q1.

Industrial Production ROSE by 0.38% in June, compared with market expectations for an increase of 0.3%. Moreover, the prior month was revised from 0.0% up to 0.1%. Output is now 2.0% ABOVE its year ago level.


  • In June, Mining Output ROSE by 1.6%, and is now 9.9% ABOVE its year ago level.
  • Utility Generation ROSE by 0.1% and is now 2.2% BELOW its year ago level.
  • Manufacturing Output ROSE by 0.2% but is now only 1.2% ABOVE its year ago level.Output in high-tech industries rose by 0.8%.
  • Meanwhile, output in the motor vehicle industry rose by 0.7%.
  • Excluding both the high-tech and motor vehicles industries, industrial output climbed by 0.1%.

Capacity Utilization ROSE by 0.2 points to 76.6%, compared with market expectations for a higher increase to 76.8%. Moreover, the prior month was revised from 76.6% to 76.4%. Capacity utilization rate is now 0.7 percentage points above its year ago level and 3.4 percentage points below its long-run (1972–2015) average.