Newsroom: Industry News
The manufacturing indicators that were released last week included industrial production for July and the New York and Philadelphia Federal Reserve Bank manufacturing surveys for August. According to the Federal Reserve, total industrial production rose 0.2 percent from June to July. Compared to the previous year, the index rose 2.2 percent. Manufacturing production (about three-fourths of the total index) fell 0.1 percent from June and rose 1.2 percent from the previous year. Taking a deeper dive into the decline from June, while durable manufacturing fell 0.5 percent, nondurable manufacturing actually climbed 0.4 percent. Within durables, softness in motor vehicles and parts drove the decline. As shown in the graph above, total manufacturing excluding motor vehicles and parts rose 0.2 percent on the month, while durable manufacturing excluding motor vehicles and parts was about flat. Compared to July 2016, total manufacturing rose 1.2 percent; excluding motor vehicles and parts, the increase was 1.7 percent.