This Week’s Top Economic Data Points: U.S. Industrial Production Down
- U.S. industrial production fell 0.4 percent in August. Manufacturing output also was down 0.4 percent in August while mining production increased one percent. Utilities production fell 1.4 percent.
- According to Statistics Canada, manufacturing sales in the country increased 0.1 percent in July, well below the one percent increase analysts had predicted. Sales rose in just nine of the 21 sub-sectors, including coal and oil.
- The New York Federal Reserve’s manufacturing survey, at -2, was little changed between August and September. The rate of new orders and shipments declined and the bank said labor market conditions also weakened. Meanwhile, the Philadelphia Federal Reserve’s manufacturing index rose to +12.8 this month from +1.8 in August. The index for new orders increased, but the readings for shipments and employment fell.
- U.S. import prices fell 0.2 percent in August while export prices decreased 0.8 percent. Meanwhile, the producer price index was unchanged last month and the consumer price index increased 0.2 percent for the month and was up 1.1 percent between August 2015 and August 2016.
- The number of individuals who filed for federal unemployment benefits for the first time rose to 260,000 for the week that ended Sept. 10 from 259,000 the week before. The four-week moving average of first-time claims fell slightly while the number of individuals who continued to file for benefits rose to 2.143 million for the week that ended Sept. 3 from 2.142 million the week before. The four-week moving average of continuing claims fell to 2.147 million from 2.154 million the week before.
- In other economic news: the National Association of Manufacturers’ Manufacturing Outlook Survey, issued quarterly, fell to 41.8 in September from 42.3 in June; the National Federation of Independent Business’s Small Business Optimism Index fell to 94.4 in August from 94.6 in July because fewer small business owners said they plan to add jobs over the next several months; and real average hourly earnings for all employees decreased 0.1 percent from July to August, but were up 1.3 percent year-over-year.