The Index of Industrial Production is a chain- weight measure of the physical output of the nation’s factories, mines and utilities.
The capacity utilization rate reflects the usage of available resources. Investors want to keep their finger on the pulse of the economy because it usually dictates how various types of investments will perform.
Industrial production show how much factories, mines and utilities are producing. Since the manufacturing sector accounts for one-quarter of the economy, this report has a big influence on market behaviour. The capacity utilization rate provides an estimate of how much factory capacity is in use. If the utilization rate gets too high (above 85%) it can lead to inflationary bottlenecks in production.
The Federal Reserve watches this report closely and sets interest rate policy on the basis of whether production constraints are threatening to cause inflationary pressures.
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How To Read And Interpret A Weekly Economic Calendar: Industrial Production And Capacity Utilization
The USD Lost Steam From Last Week's Strengthening Vs. Most Of The Major Currencies
as investors continued to feed their risk appetite, leading the higher-yielding commodity currencies higher.
The greenback also weakened amid renewed concerns that the Federal Reserve could still have to cut Interest Rates to boost growth. As a result, the USD dropped 0.2% on the day to 1.5513 vs. the EUR having earlier hiked above the 1.54 mark.
Yesterday's speech by Chicago Fed President Evans lowered the growth prospects for the U.S. economy. In his speech he highlighted the growing weakness in household spending, and said that economic growth will probably remain stagnant throughout 2008. U.S. inflation prospects also remain quite gloomy. Economists expect it to fall to within 1.5% to 2%, signaling the slowdown in countries productivity.
Looking ahead to today, we have a batch of very important US data. With many speeches to follow, the most important speech will be delivered by Fed Chairman Bernanke. High volatility is expected during his speech as investors will attempt to decipher Interest Rate clues. Traders will also focus their attention today on Core Retail Sales and the Retail Sales figures. These indices shall give a more accurate picture of consumer spending, which is a major driver of the economy and has a sizable impact on GDP. Traders pay close attention to Retail Sales because it is usually the first significant indicator of the month that relates to consumer behavior and is susceptible to surprises.
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