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IP Slightly Weaker Whilst Manufacturing Production More Clearly Disappoints

US DATA
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  • Industrial production was slightly weaker than expected in April, unchanged on the month (cons 0.1).
  • It does however follow some small net positive revisions: the downward revised 0.1% (initial 0.4) in March was offset by an upward revised 0.8 M/M (initial 0.4) in Feb.
  • Manufacturing production was more disappointing though, at -0.26% M/M (cons 0.1) after net downward revisions, including a downward revised 0.16 (from 0.5) after an upward revised 1.37 (initial 1.2).
  • The latest miss for mfg relative to overall IP came from utilities increasing a strong 2.9% M/M in April.
  • Rounding out the report, capacity utilization came in at 78.4% as expected, down a tenth from an upward revised 78.5%. It’s starting to plateau at this level having trended lower from a high of 80.8% in Sep’22.
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  • Industrial production was slightly weaker than expected in April, unchanged on the month (cons 0.1).
  • It does however follow some small net positive revisions: the downward revised 0.1% (initial 0.4) in March was offset by an upward revised 0.8 M/M (initial 0.4) in Feb.
  • Manufacturing production was more disappointing though, at -0.26% M/M (cons 0.1) after net downward revisions, including a downward revised 0.16 (from 0.5) after an upward revised 1.37 (initial 1.2).
  • The latest miss for mfg relative to overall IP came from utilities increasing a strong 2.9% M/M in April.
  • Rounding out the report, capacity utilization came in at 78.4% as expected, down a tenth from an upward revised 78.5%. It’s starting to plateau at this level having trended lower from a high of 80.8% in Sep’22.