July Industrial Production +0.1%

Posted on August 16, 2005 by John Rutledge

Today’s July Industrial Production numbers (+0.1% in July, +0.8% in June, +3.0% last 12 months (LTM)) are not as weak as people think. Manufacturing output was up just +0.1% percent in July; but +0.4% excluding autos (remember the employee cost sales gimmick).

July Industrial Production and Capacity.JPG

Business equipment +1.3% in July, +6.7% LTM. Capital spending increases are still intact. Manufacturing capacity utilization in July was 78.3%, same as last month and far below Wall Street expectations. This is good for bond yields because it will let some air out of inflation worries.

JR

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0 Responses to July Industrial Production +0.1%

  1. James says:
    August 16, 2005 at 3:14 PM

    I’m a newcomer here, although I enjoyed your writing in George Gilder’s American Spectator.

    Just want to thank you for sharing your valuable insights. Today’s inflation discussion was especially helpful.
    James

    Thanks, James. Very glad to have you reading and commenting in the blog.
    John