Updated: 16-May-23 09:48 ET
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Updated: 16-May-23 09:48 ET |
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Highlights
- Total industrial production increased 0.5% month-over-month in April (Briefing.com consensus 0.0%) following a downwardly revised 0.0% (from 0.4%) in March.
- The capacity utilization rate jumped to 79.7%(Briefing.com consensus 79.8%) from a downwardly revised revised 79.4% (from 79.8%) in March.
Key Factors
- Manufacturing output increased 1.0% following a downwardly revised 0.8% decline (from -0.5%) in March. Motor vehicle assemblies surged 13.7% to a seasonally adjusted annual rate of 11.40 million units from 10.03 million in March. Manufacturing capacity utilization rose to 78.3% from a downwardly revised 77.6% (from 78.1%) in March.
- Mining production increased 0.6% following a 1.3% decline in March. Mining capacity utilization increased to 91.8% from 91.2%.
- The output of utilities declined 3.1% on reduced demand for heating after increasing 8.4% in March. Utilities capacity utilization decreased to 72.7% from 75.3%.
- Total industrial production was up 0.2% yr/yr. The capacity utilization rate of 79.7% was equal to its long-run average.
Big Picture
- The key takeaway from the report is that manufacturing output bounced back in April, paced by a strong gain in the output of motor vehicles and parts that still defies a hard-landing scenario for the economy.
Category |
APR |
MAR |
FEB |
JAN |
DEC |
Industrial Production |
|
|
|
|
|
Total Index |
0.5% |
0.0% |
0.0% |
1.0% |
-1.5% |
Manufacturing |
1.0% |
-0.8% |
0.3% |
1.6% |
-2.1% |
Utilities |
-3.1% |
8.4% |
-0.8% |
-7.2% |
3.2% |
Mining |
0.6% |
-1.3% |
-0.7% |
4.0% |
-1.9% |
Capacity Utilization |
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|
|
|
|
Total Industry |
79.7% |
79.4% |
79.5% |
79.6% |
78.9% |
Manufacturing |
78.3% |
77.6% |
78.4% |
78.2% |
77.1% |