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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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2017-09-22 21:05:48
0m

September 22 14:30 UTC Released

USECRI Weekly Annualized*

Actual

0.0 %

Forecast

Previous

0.3 %

September 22 14:30 UTC Released

USECRI Weekly Index*

Actual

143.4 %

Forecast

Previous

143.3 %

September 25 00:30 UTC 10631063m

JPNikkei Mfg PMI

Actual

Forecast

Previous

52.2 bln $

September 25 08:00 UTC 15131513m

DEIfo Business Climate*

Actual

Forecast

116.0 %

Previous

115.9 %

September 25 08:00 UTC 15131513m

DEIfo Current Conditions*

Actual

Forecast

124.8 %

Previous

124.6 %

September 25 08:00 UTC 15131513m

DEIfo Expectations*

Actual

Forecast

107.9 %

Previous

107.9 %

September 25 11:30 UTC 17231723m

TRCapacity Utilisation*

Actual

Forecast

Previous

78.8 %

September 25 11:30 UTC 17231723m

TRManufacturing Confidence*

Actual

Forecast

Previous

110.7 %

September 25 12:30 UTC 17831783m

USNational Activity Index*

Actual

Forecast

Previous

-0.01 %

September 25 13:00 UTC 18131813m

MXIGAE Econ Activity YY

Actual

Forecast

Previous

2.4 %

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