EmailEconomic
Last Update: 17-Apr-18 09:55 ET
Industrial Production
Highlights
- Industrial production increased 0.5% in March (Briefing.com consensus +0.3%) following an upwardly revised 1.0% increase (from 0.9%) in February.
- The capacity utilization rate jumped from 77.7% to 78.0% (Briefing.com consensus 77.8%).
Key Factors
- Manufacturing output increased 0.1% on the heels of an upwardly revised 1.5% increase (from 1.3%) in February. Durables manufacturing was up 0.4% while nondurables manufacturing declined 0.3%. Motor vehicle assemblies of 12.0 million units at an annual rate were at their highest level since December 2016.
- Mining output jumped 1.0% after increasing 2.9% in February
- Utilities output surged 3.0% after decreasing 5.0% in February on the back of warmer-than-normal temperatures
- On a year-over-year basis, industrial production was up 4.3%. The capacity utilization rate in March was still 1.8 percentage points below its long-run average.
Big Picture
- The key takeaway from the report is that all three major industry groups played a part in driving the uptick in industrial production in March.
| Category | MAR | FEB | JAN | DEC | NOV |
|---|---|---|---|---|---|
| Industrial Production | |||||
| Total Index | 0.5% | 1.0% | -0.2% | 0.5% | 0.5% |
| Manufacturing | 0.1% | 1.5% | -0.4% | 0.1% | 0.3% |
| Utilities | 3.0% | -5.0% | 2.1% | 2.7% | 0.4% |
| Mining | 1.0% | 2.9% | -0.9% | 0.8% | 2.0% |
| Capacity Utilization | |||||
| Total Industry | 78.0% | 77.7% | 77.1% | 77.3% | 77.1% |
| Manufacturing | 75.9% | 76.0% | 74.9% | 75.3% | 75.3% |
