Today, the Federal Reserve released their Industrial Production data for January 2012. Motor vehicle assemblies in January 2012 were 10.17 million (SAAR) the highest since February of 2008.
A couple of weeks ago we took a look at light vehicle retails sales, and monthly motor vehicle assemblies [1], as tea leaves for what was going on in the U.S. economy in early 2012. Today’s data reinforces the strength of the automobile industry in early 2012. For manufacturing in general we’ve seen some positive signs in 2012 including strong growth (+50,000) in manufacturing employment in January 2012.
Today’s data release from the Fed indicates reinforces our cautious optimism about the performance for the automotive industry, manufacturing sector, and the overall U.S. economy in early 2012.
~Mark Doms, Chief Economist, U.S. Department of Commerce
February 15, 2012
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