US industrial production up by 1% MoM, down by 0.2% YoY in Jul 2023

19 Aug '23

2 min read

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Insights

Total US industrial production rose by 1 per cent month on month in July following declines in the previous two months, while it fell by 0.2 per cent year on year.
The production of textiles rose by 3.6 per cent MoM and dropped by 3 per cent YoY in the month.
Within non-durables manufacturing, a modest decline was seen in the index of apparel and leather.

Total US industrial production increased by 1 per cent month on month (MoM) in July this year following declines in the previous two months, while it declined by 0.2 per cent year on year (YoY), according to the US Federal Reserve (Fed).

The production of textiles rose by 3.6 per cent MoM and dropped by 3 per cent YoY during the month.

Manufacturing output rose by 0.5 per cent in the month; however, the growth rates for the previous three months were revised down. Altogether, the index for manufacturing in July was 0.7 per cent below its year-earlier level.

At 102.9 per cent of its 2017 average, total industrial production in July was 0.2 per cent below its year-earlier level. Capacity utilisation moved up to 79.3 per cent in July, a rate that is 0.4 percentage point below its long-run (1972–2022) average.

Most major market groups recorded growth in July, barring construction supplies.

In July, the indexes for durable and non-durable manufacturing increased 0.8 per cent and 0.1 per cent, respectively. Within the latter, a modest decline was seen in the index of apparel and leather.

Capacity utilisation for manufacturing edged up to 77.8 per cent in July, a rate that is 0.4 percentage point below its long-run (1972–2022) average.

ALCHEMPro News Desk (DS)

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