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Industrial Production, Capacity Utilization Better Than Consensus
July industrial production came in slightly better than consensus expectatins of 0.5%, printing at 0.9% for the biggest rise of 2011 to date. This followed an upward revised June of 0.4%, up from 0.2%. Manufacturing output rose 0.6 percent in July, as the index for motor vehicles and parts jumped 5.2 percent, the biggest driver for the spike, and production elsewhere moved up 0.3 percent. Some other details from the report: "The output of mines advanced 1.1 percent, and the output of utilities increased 2.8 percent, as the extreme heat during the month boosted air conditioning usage. At 94.2 percent of its 2007 average, total industrial production for July was 3.7 percentage points above its year-earlier level." As for capacity utilization, the total industry rate climbed to 77.5 percent, a rate 2.2 percentage points above the rate from a year earlier but 2.9 percentage points below its long-run (1972--2010) average."
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and we have the single bullish piece of news to point to if we resume the vapour volume rally today LOL
Industrial Production....
what do you guys actually still produce in America?
Meth and Porn.
...and Hopium.
And of course USD. We are real good at printing that.
Industrial strength BS
frozen waffles
http://www.google.be/imgres?q=frozen+waffles&hl=be&client=suddenDebt-a&s...
We still produce a fair number of I.O.U's
WE in America are able to 'manufacture' COOL AIR!
Overall industrial production jumped 0.9 percent -- the biggest increase this year. Unusually hot weather in July drove demand for energy generated by utilities. - AP
There's a huge market for cool air, who needs Boeing and soybeans, this is the next big thing!
Those container ships ARE NOT going back to China empty! I'm looking for a huge 2012 suprise drop in the trade deficit when these numbers are released!
and we have the single bullish piece of news to point to if we resume the vapour volume rally today LOL
I work in the auto industry? What f'ing rebound?
European autos sales down. Ford reports Europe decline this am. Auto production = jobs program
Number ex-channel stuffing autos...tepid...ex-mining and utilities....well, nuff said.
I thought it would be a big utility increase because of the heat.......our industrial production was electricity to run our Air Conditioners.....that is not how an economy works well...
Industrial production gets a boost from fat Americans turn up their air con, so they don't sweat so much while lying on their couch...
^^^THIS^^^ Exactly!! Electicity usage SURGED TO RECORD HIGHS and this made up most of the percentage gains!!!!!! LMAO!!!
So the more people unemployed, the better industrial production? Niiiice! Somebody deserves a bonus.
And...the ramp machine is in 5th gear. The market will be gunned higher whether you like it or not. Freedom and laws can eat a bag of shit.
CNBS-Bloomberg-WallStreet-Banking-CONfidenceCon-PonziMatrix says:
Reality says:
In other news, nuclear disasters and Martian Invasions on earth are BULLTARDISH.
Here's an interesting counterpoint to this story:
10:45 AM ET 8/16/11 | ReutersCanada factory sales plummet, signal stalled growth
* Sales down by 1.5 pct, analysts expected 0.4 pct drop
* Sales down in 15 of 21 manufacturing sectors
* Data all but confirms economy stalled in Q2 growth (Adds analysts' comments, background, byline)
By David Ljunggren
OTTAWA, Aug 16 (Reuters) - Canadian manufacturing sales for June plunged by a much greater than expected 1.5 percent from May, Statistics Canada said on Tuesday, all but confirming that the economy stalled in the second quarter.
The drop -- much bigger than the 0.4 percent decline predicted by analysts -- also appeared to kill off the already minute prospect that the Bank of Canada would raise interest rates this year.
As recently as late July, the central bank had predicted second quarter growth of 1.5 percent on an annualized basis.
That forecast now looks hopelessly optimistic, given a recent string of weak data that shows the economy is struggling to deal with a strong Canadian dollar and weak U.S. demand.
"(Today's report) sets us up for another monthly GDP disappointment and heightens the risks of second quarter Canadian GDP coming in negative. The handoff to the third quarter will also be very weak," said Jimmy Jean of Desjardins Capital Markets.
In a sign of increasing political concern over the economy and market turmoil, the House of Commons finance committee has asked Finance Minister Jim Flaherty and Bank of Canada Governor Mark Carney to testify to legislators this Friday.
Statscan will release its figures for second quarter gross domestic product on Aug 31.
The June factory sales figures helped knock down the Canadian currency CAD=D4. At 9:55 a.m. (1355 GMT) it was at C$0.9837 to the U.S. dollar, or $1.0166, down from Monday's North American finish of C$0.9799 to the U.S. dollar, or $1.0205.
June's manufacturing retreat was largely caused by a 6.6 percent drop in sales of petroleum and coal products, reflecting price declines of 2.6 percent and lower volumes as plants shut down for retooling.
Statscan said 15 of 21 industries, representing 77.5 percent of total manufacturing, posted declines. Sales in constant dollars, used for calculating real gross domestic product growth, fell by 1.6 percent.
"That adds to the risk of a contraction in June GDP and an outright contraction in the Canadian economy in the second quarter," said Derek Holt and Karen Cordes Woods of Scotia Capital Economics.
It was the third consecutive monthly fall in manufacturing sales, now at their lowest level since November 2010.
Analysts took some consolation from a 1.6 percent increase in new orders and a 3.4 percent jump in unfilled orders, both pushed higher by strength in the aerospace industry.
"We still expect sales to rebound in the third quarter, as temporary factors restraining auto and energy production are reversed," said David Madani of Capital Economics.
After eight consecutive months of growth, inventory levels were unchanged, remaining at their highest point since April 2009. The ratio of inventory to sales rose to 1.39 from 1.37 in May, the highest level since December 2009.
Channel stuffing by the automakers back in May and June would account for much.
...recession off...recession on...recession off...