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Economic news
16.05.2024

U.S. industrial production unexpectedly stalls in April

The data published by the Federal Reserve on Thursday revealed that the U.S. industrial production was unchanged m-o-m in April, following a downwardly revised 0.1 per cent m-o-m advance (from +0.4 per cent m-o-m) in March. 

Economists had forecast industrial production would increase 0.1 per cent m-o-m in April.

According to the report, the April flat performance of total industrial production reflected declines in manufacturing production (-0.3 per cent m-o-m) and mining output (-0.6 per cent m-o-m) that were offset by a surge in output of utilities (+2.8 per cent m-o-m).

Meanwhile, capacity utilization for the industrial sector slipped 0.1 percentage point m-o-m to 78.4 per cent in April from an upwardly revised 78.5 per cent (from 78.4 per cent) in March. That was in line with economists’ estimate but 1.2 percentage points below its long-run (1972-2023) average.

In y-o-y terms, the industrial output fell 0.4 per cent in April, following an upwardly revised 0.1 per cent gain (from 0.0 per cent) in the previous month. This was the first annual drop in U.S. industrial production in three months.

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