Keeping you up to date on the latest data releases.
- Industrial Production
Industrial production was unchanged in April, following a 0.7 percent increase in March (that was revised down from 0.8 percent) and a 0.3 percent decrease in February (that was adjusted down from a 0.1 percent gain). The 12-month growth rate in industrial production edged down from 5.3 percent in March to 5.0 percent in April. Manufacturing output, following nine consecutive monthly increases, fell 0.4 percent in April. The decline in April, combined with lowered estimates for February and March’s gains, pushed the 3-month annualized growth rate in manufacturing production down from 6.0 percent to 1.4 percent, while its year-over-year growth rate edged lower—from 5.9 percent to 4.7 percent—but remained well above its 20-year average of 2.4 percent. Durables production more than reversed a 0.9 percent gain in March, falling 1.0 percent in April, driven in large part by a 8.9 percent decrease in motor vehicles and parts production (though across-industry performance was mixed during the month). Nondurables output rose 0.1 percent in April and is up 2.0 percent over the past year. Outside manufacturing, mining output rose 0.8 percent in April, while utilities production jumped up 1.7 percent. Total industry capacity utilization ticked down 0.1 percentage point to 76.9 percent, its second decline in three months (after roughly a year and a half of continuous improvement).