EmailEconomic
Last Update: 21-May-19 13:10 ET
Industrial Production
Highlights
- Industrial production declined 0.5% in April (Briefing.com consensus +0.1%) following an upwardly revised 0.2% increase (from -0.1%) in March.
- Total capacity utilization fell to 77.9% (Briefing.com consensus 78.8%) from a downwardly revised 78.5% (from 78.8%) in March.
Key Factors
- Manufacturing output declined 0.5% after being unchanged in March. The production of durable goods declined 1.0%, with losses of 2.0% or more for machinery; electrical equipment, appliances, and components; and motor vehicles and parts.
- The manufacturing capacity utilization rate of 75.7% in April was 2.6 percentage points below its long-run average.
- Utilities output declined 3.5% following a 2.2% increase in March, as warmer temperatures reduced heating demand.
- Mining output increased 1.6% after declining 0.4% in March.
- On a yr/yr basis, total industrial production was up 0.9% while total capacity utilization was 1.9 percentage points below its long-run average.
Big Picture
- The key takeaway from the report is the understanding that it marked the fourth straight month in which there was no growth in manufacturing output.
| Category | APR | MAR | FEB | JAN | DEC |
|---|---|---|---|---|---|
| Industrial Production | |||||
| Total Index | -0.5% | 0.2% | -0.5% | -0.4% | 0.0% |
| Manufacturing | -0.5% | 0.0% | -0.5% | -0.6% | 0.6% |
| Utilities | -3.5% | 2.2% | 0.7% | 0.8% | -6.8% |
| Mining | 1.6% | -0.4% | -1.0% | -0.2% | 2.1% |
| Capacity Utilization | |||||
| Total Industry | 77.9% | 78.5% | 78.5% | 79.0% | 79.5% |
| Manufacturing | 75.7% | 76.2% | 76.2% | 76.7% | 77.3% |
