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US Industrial Output Posts Largest Back-to-Back Gains Since 2021
US industrial production posted a solid advance for a second month in June, helped by a pickup in factory output that indicates manufacturing could be regaining some footing. The 0.6% increase in production at factories, mines and utilities followed a revised 0.9% gain a month earlier, marking the biggest two-month advance since late 2021, Federal Reserve data showed Wednesday. The median estimate in a Bloomberg survey called for a 0.3% increase. Factory output rose 0.4% — in a broad advance that included gains in autos, electrical equipment, appliances and nondurable goods — following May’s upwardly revised 1% ... (full story)
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From federalreserve.gov|Jul 17, 2024Economic activity maintained a slight to modest pace of growth in a majority of Districts this reporting cycle. However, while seven Districts reported some level of increase in activity, five noted flat or declining activity—three more than in the prior reporting period. Wages continued to grow at a modest to moderate pace in most Districts, while prices were generally reported to have risen modestly. Household spending was little changed this period according to most District banks. Auto sales varied across Districts this cycle, but some Districts noted that sales were lower due in part to a cyberattack on dealerships and high interest rates. Most Districts saw soft demand for consumer and business loans. Reports on residential and commercial real estate markets varied, but most banks reported only slight changes, if any, in recent weeks. Travel and tourism grew steadily and was on par with seasonal expectations. Agricultural conditions varied in tandem with sporadic droughts across the nation. Districts also reported widely disparate trends in manufacturing activity ranging from brisk downturn to moderate growth. Retail restocking spurred slight growth in transportation activity. Meanwhile, tight capacity in ocean shipping led to a surge in spot rates. Expectations for the future of the economy were for slower growth over the next six months due to uncertainty around the upcoming election, domestic policy, geopolitical conflict, and inflation. post: FED BEIGE BOOK: ECONOMIC ACTIVITY MAINTAINED A SLIGHT TO MODEST PACE OF GROWTH IN A MAJORITY OF DISTRICTS THIS REPORTING CYCLE. post: FED BEIGE BOOK: EXPECTATIONS FOR THE FUTURE OF THE ECONOMY WERE FOR SLOWER GROWTH OVER THE NEXT SIX MONTHS DUE TO UNCERTAINTY AROUND THE UPCOMING ELECTION, DOMESTIC POLICY, GEOPOLITICAL CONFLICT, AND INFLATION. post: FED BEIGE BOOK: PRICES INCREASED AT A MODEST PACE OVERALL, WITH A COUPLE DISTRICTS NOTING ONLY SLIGHT INCREASES.
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- Posted: Jul 17, 2024 12:08pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 3,385
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