Industrial Production Grows at Second Fastest Rate of 2013 in August
According to the Federal Reserve, the durable goods industrial production index was 104.4 in August 2013. This was an all-time record for the month of August. The month-over-month growth rate in August was 3.8%, which is the fastest rate of growth since January 2013. The annual rate of change continued to grow more slowly, but could be nearing a bottom.
One of the best leading indicators for durable goods production is capital goods new orders. The month-over-month rate of change in capital good new orders has grown three of the last four months. This is a positive sign for durable goods production. This is an indication that we could see accelerating growth in durable goods production in 2014.
We track industrial production and its leading indicators for a number of industries. Click on the links below to see how each industry is faring.
Decelerating Growth: aerospace; automotive; durable goods; electronics, computers, and telecommunications; food and beverage processing; forming and fabricating (non-auto); hardware; machinery and equipment; medical; metalcutting job shops; military; off-road and construction machinery; oil, gas field, and mining machinery; pumps, valves, and plumbing products
Decelerating Contraction: industrial motors, hydraulics, and mechanical components; power generation
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