US Industrial Production Disappoints In April As Carmakers Crumbled
After a surprisingly large upward revision for March (from +1.5% MoM to +2.4% MoM), April’s Industrial Production rose 0.7% MoM (less than the +0.9% expected).
Of course, thanks to the collapse comps, industrial production surged over 16% YoY.
Drilling down, Manufacturing output rose 0.4% MoM (far less than the stimmy-enabled 3.1% MoM surge in March…
Capacity utilization rose to 74.9% from 74.4% in March, which was unrevised from initial release.
Notably Motor vehicle manufacturing plunged again in April )amid shutdowns over chip shortages)…
It would appear the renaissance of the manufacturing economy is slowing fast absent new stimmies.
Fri, 05/14/2021 – 09:23