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February 20, 2023

U.S. Manufacturing Output Rose In January

Connecting the Dots monitors all major economic announcements in the United States and Canada, but MSCI also offers industrial metals industry-specific data products that provide deeper analysis and insight. Visit our website and click on industry data to learn more about our Metals Activity Report (MAR), Momentum Monitors, and Economic Pulse.

Meanwhile, here are the major economic headlines from the last week:

  • The Federal Reserve reported U.S. industrial production was unchanged in January after falling 0.6 percent in November and one percent in December. Manufacturing output rose one percent last month while mining output jumped two percent. Those increases were offset by a 9.9 percent decline in utilities’ output, however. Total industrial production was 0.8 percent above its level from January 2022. Read the full report here.
  • Canadian wholesale and manufacturing sales both declined in the final month of last year. Statistics Canada reported last week that factory sales were down 1.5 percent between November 2022 and December 2022 to a seasonally adjusted C$70.97 billion while wholesale trade was down 0.8 percent. Read the full report here.
  • The U.S. Producer Price Index rose 0.7 percent from December 2022 to January 2023 and six percent from January 2022 to January 2023. U.S. import prices fell 0.2 percent from December to January while prices for U.S. exports increased 0.8 percent during the same time period. Read that full report here.
  • While hourly earnings for employees in the United States fell 0.2 percent from December 2022 to January 2023, the country’s Consumer Price Index rose 6.4 percent between January 2022 and January 2023, reflecting a 0.5 percent increase in inflation compared to December. Core services inflation, which excludes more volatile food, energy and shelter prices, were up four percent year-over-year. Read the full report here.
  • During the week that ended February 11, 194,000 individuals in the United States filed for federal unemployment benefits for the first time, a drop of 1,000 from the previous week. The four-week moving average of first-time claims was 189,500, an increase of 500 from the week before. During the week that ended February 4, 1.696 million people continued to receive benefits, up from 16,000 the week before. The four week moving average of continuing claims also rose.

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