Keeping you up to date on the latest data releases.
- Industrial Production
Industrial production fell 0.6 percent (nonannualized) in April, following an increase of 0.3 percent in March. The near-term trend (three-month annualized percent change) has slowed to 2.5 percent from 4.6 in March. On a year-over-year basis, overall production is up 1.9 percent. Manufacturing production also declined, falling 0.4 percent for the month while the year-over-year growth rate rests at 1.4 percent, its lowest reading since early 2010. Breaking down the manufacturing sector, durable goods fell 0.7 percent while nondurable goods production was unchanged in April. Within durable goods manufacturing, computers and electronic products was the only area to show gains for the month, increasing 0.2 percent. Elsewhere within durable goods production, nonmetallic mineral products and motor vehicle and parts production declined 1.7 and 1.3 percent, respectively. Overall capacity utilization fell 0.5 percentage points to 77.8 percent of capacity, which is now 2.4 percentage points below its long-run average.