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U.S. industrial production likely to have picked up modestly in April, says Wells Fargo

The U.S. industrial production expanded in March, recording the second largest rise in over a year. But the growth was nearly entirely driven by a sharp rise in utilities output that reflected the return of more normal temperatures in March. Looking past the headline, manufacturing production dropped 0.4 percent year-on-year, breaking a six-month string of growth.

Markedly, motor vehicle and parts output dropped 3 percent as auto production declined. The softness was not just in autos, as drops were seen throughout most durable and nondurable subsectors. While the ISM manufacturing index dropped down again in April, the index continues to be at a still strong level that is consistent with projection.

According to a Wells Fargo research report, the industrial production is expected to have picked up modestly in April. A breakout in activity appears unlikely in the near term, but manufacturing output is expected to have grown slightly in April and is expected to have risen 0.4 percent.

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November 20 20:00 UTC Released

BRCAGED Net Payroll Jobs*

Actual

77 k

Forecast

Previous

77 k

November 20 13:00 UTC Released

RURetail Sales YY

Actual

3.0 %

Forecast

3.9 %

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3.1 %

November 21 13:55 UTC 897897m

USRedbook MM

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Previous

-1.2 %

November 21 13:55 UTC 897897m

USRedbook YY

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Previous

2.3 %

November 22 12:00 UTC 22222222m

USMBA Mortgage Applications

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Forecast

Previous

3.1 %

November 22 12:00 UTC 22222222m

USMortgage Market Index

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Forecast

Previous

401.7 Bln EUR

November 22 13:30 UTC 23122312m

USJobless Claims 4-Wk Avg

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Forecast

Previous

237.75 k

November 22 13:30 UTC 23122312m

USInitial Jobless Claims

Actual

Forecast

240 k

Previous

249 k

November 22 13:30 UTC 23122312m

USContinued Jobless Claims

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Forecast

1.882 Mln

Previous

1.860 Mln

November 22 14:30 UTC 23722372m

BRForeign Exchange Flows*

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Forecast

Previous

-3.412 Bln USD

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