Tuesday, January 15, 2013

Dec. Industrial Production and Capacity Utilization Expectations

Industrial production and capacity utilization for December will be released tomorrow morning at 10am (ET).  We believe tomorrow's numbers may include somewhat of a lagging impact of Sandy.  This was not apparent in the November numbers, so we could see that tomorrow.  We estimate the industrial production index to come in at 97.0%, a 0.5% decline from November.  The consensus stands at 97.7%, an increase of 0.2%.  Although the ISM employment sub-indexes improved in Dec., given the work week figures of most regional surveys, along with other production indicators, we expect a slight decline in capacity utilization.  Our projection stands at 78.0%, a 0.4% sequential decline.  The Street is expecting 78.5% or a 0.1% increase.

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