Published: 2024-05-16T13:31:53.000Z
U.S. April Industrial Production - Underlying picture looks flat
Senior Economist , North America
2
April industrial production was unchanged with a downward revision to March offset by an upward revision to February. Manufacturing was weak at -0.3% though outside a negative correction in autos the drop was only 0.1%, leaving a fairly flat underlying picture.
The overall data was given a lift by a 2.8% rise in weather-sensitive utilities, a second straight gain which outweighed a 0.6% decline in mining, this a second straight decline.
Manufacturing with a 0.3% decline more than fully reversed a 0.2% increase in March but ex autos we saw a 0.1% decline after a flat January, as autos corrected two straight gains.
Trend in manufacturing looks fairly flat with a sharp rise in February simply reversing a weather-induced decline in January.
