September 16, 2003

The Latest Industrial Production Number

It's not worth much because of the blackout, but here it is:

Production Inches Higher, While Manufacturing Declines: Production at factories, mines and utilities increased 0.1 percent in August after rising 0.7 percent in July, more than previously stated, the Federal Reserve said. The report was aided by a 2.1 percent jump in computer equipment production, the biggest gain since July 2000. The results fell below the median forecast of a 0.3 percent gain in part because of a 0.1 percent decline in manufacturing, the first since April, after a blackout in the Northeast and Midwest crimped auto production, economists said.

"I don't think this report undermines what we're seeing in terms of recovery for the rest of the economy," said Richard DeKaser, an economist at National City in Cleveland. "With inventories so low, there's a good case to be made for an uptick in production the rest of the year."

Posted by DeLong at September 16, 2003 10:36 AM | TrackBack

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