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Mark Perry

Durable Manufacturing Leads The U.S. Economy

By Mark Perry on | More Posts By | Author's Website
INDUSTRY GROUP  Jan. 2011 to
Jan. 2012 
Manufacturing4.5%
Manufacturing (NAICS)4.7%
Motor vehicles and parts16.9%
Aerospace and miscellaneous
transportation equipment		13.3%
Fabricated metal products9.4%
Durable manufacturing8.3%
Machinery8.2%
Primary metals7.4%
Textile and product mills6.1%
Mining5.8%
Petroleum and coal products5.7%
Furniture and related products5.2%
Computer and electronic products4.5%
Nonmetallic mineral products4.1%
Plastics and rubber products2.7%
Chemicals1.5%
Nondurable manufacturing1.1%
Wood products1.0%
Electrical equip., appliances,and components0.3%
Printing and support-0.1%
Apparel and leather-0.4%
Food, beverage, and tobacco products-0.6%
Paper-1.8%
Electric-6.2%
Natural gas-15.2%

The chart above is based on data in today’s industrial production report from the Federal Reserve, and shows annual percentage gains through January by industry group.  The annual growth in manufacturing output at 4.5%-4.7% was more than a full percentage point higher than the overall growth in industrial production of 3.4%. And the durable manufacturing group showed an especially strong annual gain of 8.3%, almost twice the growth rate of total manufacturing, and was led by strong output growth in motor vehicles (16.9%), aerospace equipment (13.3%), fabricated metal products (9.4%) and machinery (8.2%).  

The chart also shows utility output (electric and natural gas) decreased sharply, due to the unseasonably warm winter this year. Nondurable manufacturing increased by only 1.1% overall, but there were some strong gains within that category for petroleum and coal production at 5.7% and textiles at 6.1%.  

A Reuters article on today’s Fed report commented that “Manufacturing remains the main pillar of the economy,” and it’s true that today’s industrial production report provides further confirmation that American manufacturing is at the forefront of the economic recovery.  

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