The IP index recorded a value of 105.47 in July, up 0.2% month on month (m/m) and by 0.9% year on year (y/y). July’s score was slightly lower than analysts’ consensus expectations. July was the sixth month in a row with either a flat or positive m/m gain.

Manufacturing capacity utilization (MCU), came in at 75.4% in June, flat month on month (m/m), up 0.3 percentage point year on year (y/y). Year to date (YTD), MCU has stayed in a very narrow range (75.3 to 75.7%), averaging 75.4%.

Total seasonally adjusted (SA), inflation adjusted manufacturing inventories totaled $576,243 million (M) at the end of May, flat month on month (m/m), but up 0.6% year on year, (y/y).The total manufacturing inventories to shipment ratio (I/S), was 1.38 flat m/m and up 0.02 points y/y.

The IP index on a three month moving average (3MMA), basis ticked up 0.4% month on month (m/m), beating analysts’ expectations of 0.3% growth. Industrial production advanced at an annual rate of 4.7% the Q2 as mining (includes oil exploration) and utilities were the principal contributors.

New orders for durable goods (ADG), decreased by 1.1% in May to $228.2 billion. On a three month moving average (3MMA), assessment, ADG was down 1.3% month on month (m/m) and down 0.3% year on year (y/y). The good news is that primary metals advanced 0.3% and were up 12.5% from a year earlier.

New orders for durable goods (ADG), fell -0.3% in April to $232,979 million. However on a three month moving average (3MMA), assessment, ADG was up 0.2% month on month (m/m) and up 1.1% year on year (y/y).