EmailEconomic
Last Update: 16-May-12 09:36 ET
Industrial Production
Highlights
- Industrial production increased 1.1% in April following a downward revision for March from 0.0% to -0.6%. The Briefing.com consensus expected industrial production to increase 0.5%.
Key Factors
- As expected, a large portion of the increase in production came from a 4.5% increase in utilities output as weather conditions returned to normal.
- Even though most of the regional manufacturing surveys showed a notable slowdown in production, manufacturing production increased 0.6% in April after declining 0.5% in March.
- Motor vehicle production, which increased 3.9%, accounted for approximately half of the increase in manufacturing production in April. Motor vehicle assemblies increased from 10.07 mln SAAR units in March to 10.65 mln SAAR in April. Auto assemblies increased from 3.90 mln SAAR to 4.25 mln SAAR while light truck assemblies increased from 6.17 mln SAAR to 6.42 mln SAAR.
- Mining production increased 1.6% after declining 1.7% in March.
Big Picture
- The industrial production data have sprung back since the start of the economic recovery and look to be on stable footing. However, the recession resulted in a such a severe downturn in manufacturing and production that the industry will need many more months if not years of continued accelerated growth before reaching more normal levels.
| Category | APR | MAR | FEB | JAN | DEC |
|---|---|---|---|---|---|
| Industrial Production | |||||
| Total Index | 1.1% | -0.6% | 0.4% | 0.6% | 0.9% |
| Manufacturing | 0.6% | -0.5% | 0.8% | 1.0% | 1.5% |
| Utilities | 4.5% | 0.7% | 1.1% | -1.9% | -3.6% |
| Mining | 1.6% | -1.7% | 1.9% | 0.2% | 0.9% |
| Capacity Utilization | |||||
| Total Industry | 79.2% | 78.4% | 78.9% | 78.7% | 78.3% |
| Manufacturing | 77.9% | 77.6% | 78.0% | 77.5% | 76.7% |
