Industrial Production Falls on Lower Utilities & Manufacturing
Industrial production fell more than expected in April, declining 0.5 percent over the month. Adding a little salt to the wound, the 0.4 percent gain March was shaved down to 0.3 percent. This puts total production up only 0.6 percent since the year began, as the industrial sector continues to struggle amid weak domestic and global growth. Some of today’s headline weakness is attributable to payback for a jump in utilities output in March. April was unseasonably cool, but much less so compared to March, leading to a decline in utilities output of 3.7 percent. There were some positives in the report as mining production rose 0.9 percent and is now up 4.2 percent from a year earlier.
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