HSBC on IP

December 15th, 2008 10:52 am | by John Jansen |

* November industrial production reflects a broad slowdown in output, with        declines in 18 out of 20 manufacturing categories                             * The total drop of 0.6% (consensus -0.8%) was partly masked by a rebound in      aircraft (+13% as Boeing strike ended) and mining (+2.5% as oil/gas             extraction conotniued to recover after Hurricanes Gustav and Ike). Together     these factors added almost 1ppt to the November reading                       * Net revisions to Sep (-4.1% from -3.7%) and Oct (+1.5% from 1.3%) mostly        reflect a bigger downswing and subsequent recovery related to the hurricanes  * The biggest y/y declines in output include autos (-21%), wood products          (-17%), furniture (-19%), textiles (-11%), and plastics/rubber (-11%)         * Capacity utilization fell to 75.4% (consensus 75.6%) from a downwardly          revised 76% and could soon slip below the hurricane-depressed low of 75% in     September

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