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US industrial production recovers, but remains well below pre-pandemic levels

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  • The EIU nowcast for the US economy for Q3 2020 weakened to 3.64% (quarter-on-quarter) as of last week, compared with 3.83% during the week ending 7th August.

  • Retail sales and food services data improved in comparison to the month of June but was below expectations on account of resurge in COVID-19 infections. 

  • Industrial Production Index and Capacity Utilization increased for July but continues to remain substantially below the pre-pandemic levels.

  • University of Michigan’s consumer sentiment for the month of August remained flat in comparison to the month of July on account of increased uncertainty over the next round of the fiscal stimulus. 

  • Initial claims of unemployment insurance dropped below 1 million last week for the first time since the pandemic started as labour market momentum gathered pace.

  • To get the full background to our EIU Nowcast, view our methodology and FAQs page or contact us using the form below.

Data releases (last week)

IndicatorsReference PeriodLatest dataPrevious data
Unemployment Insurance: Initial Claims, State Programs (SA, Thous)Aug (20’)963.001435.00
Retail Sales & Food Services (SA, Mil.$)Jul (20’)535982.00529396.00
University of Michigan: Consumer Sentiment (NSA, Q1-66=100)Aug (20’)72.8072.50
University of Michigan: Current Economic Conditions (NSA, Q1-66=100)Aug (20’)82.5082.80
University of Michigan: Consumer Expectations (NSA, Q1-66=100)Aug (20’)66.5065.90
Industrial Production Index (SA, 2012=100)Jul (20’)100.2097.20
Capacity Utilization: Industry (SA, Percent of Capacity)Jul (20’)70.6068.50

Data releases (current week)

IndicatorsReference PeriodRelease Date
Empire State Manufacturing Survey, Seasonally adjusted diffusion indexAug (20’)17th Aug 2020
New Pvt Housing Units Authorized by Building Permit [Flash] (SAAR, Thous.Units)Jul (20’)18th Aug 2020
Housing Starts (SAAR, Thous.Units)Jul (20’)18th Aug 2020
Unemployment Insurance: Initial Claims, State Programs (SA, Thous)Aug (20’)20th Aug 2020
Philadelphia Manufacturing Survey Current Activity Diffusion IndexAug (20’)20th Aug 2020
Philadelphia Manufacturing Survey New OrdersAug (20’)20th Aug 2020
US PMI: Svcs Business Activity Index [Flash] [Latest Est incl Flash](SA, 50+=Expansion)Aug (20’)21th Aug 2020
US Markit PMI: Manufacturing [Flash] [Latest Estimates incl Flash] (SA, 50 +=Expansion)Aug (20’)21th Aug 2020

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