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Industrial Production Boosted By Utilities, Tepid Mfg Trend

US DATA
  • Industrial production was stronger than expected in March at 0.4% M/M (cons 0.2) but it was led by an 8.4% surge in utilities after two unusually mild months.
  • Manufacturing production meanwhile underwhelmed (-0.5% vs cons -0.1) but offset by strong prior revisions.
  • Monthly gyrations aside, both IP and manufacturing production saw a 3M/3M trend of near enough 0% although that is up from -2.5/3% as of December. The trend in ISM manuacturing suggests little improvement ahead.

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