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U.S. industrial production grows considerably above expectations in April

The U.S. industrial production grew considerable in April, coming in above consensus expectations. Industrial production rose 1 percent sequentially, as compared with consensus projections of 0.4 percent. There were strong rises throughout manufacturing, utilities and mining in April.

Manufacturing output also grew 1 percent. The strength partially came from motor vehicle and parts that rose 5 percent sequentially. Manufacturing, excluding motor vehicles, was up 0.7 percent in April, driven by machinery production and implying strength in manufacturing outside of the auto production sector.

Production and sales of autos decelerated in the first quarter as compared with the fourth quarter last year, and the April industrial production and vehicle sales data imply a return to a more positive performance at the beginning of the second quarter, although the current rate of monthly rises in production is unlikely to be sustained throughout the quarter, noted Barclays in a research report.

The weakness seen in motor vehicle production in the first quarter was not surprising, however, sales and production are likely to stabilize later in 2017. Utilities output expanded 0.7 percent sequentially. Utilities production dropped in January and February due to unseasonably warm weather. A return to seasonally normal temperatures in March led to an 8.2 percent rebound in utilities production in the month. Meanwhile, mining production expanded 1.2 percent in April.

“Utilities output boosted our personal consumption tracking estimate, while strong autos production gave a boost to inventories, altogether raising our tracking estimate one-tenth. The Q2 tracking estimate was unchanged at 0.8% q/q saar”, added Barclays.

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May 26 14:30 UTC Released

USECRI Weekly Annualized*

Actual

5.1 %

Forecast

Previous

5.0 %

May 26 14:30 UTC Released

USECRI Weekly Index*

Actual

144.1 %

Forecast

Previous

144.5 %

May 28 15:00 UTC 20862086m

SAM3 Money Supply YY*

Actual

Forecast

Previous

0.0 %

May 28 15:00 UTC 20862086m

SAPvt Sector Loans YY*

Actual

Forecast

Previous

-0.1 %

May 29 08:00 UTC 31063106m

EZLoans to Households*

Actual

Forecast

Previous

2.4 %

May 29 08:00 UTC 31063106m

EZLoans to Non-Fin

Actual

Forecast

Previous

2.3 %

May 29 08:00 UTC 31063106m

EZMoney-M3 Annual Grwth*

Actual

Forecast

5.2 %

Previous

5.3 %

May 29 23:30 UTC 40364036m

JPAll Household Spending MM*

Actual

Forecast

1.1 %

Previous

-2 %

May 29 23:30 UTC 40364036m

JPAll Household Spding YY*

Actual

Forecast

-0.7 %

Previous

-1.3 %

May 29 23:30 UTC 40364036m

JPJobs/Applicants Ratio

Actual

Forecast

1.46 %

Previous

1.45 %

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