Rise in March Industrial Production Masks Manufacturing Weakness

Source: Economics Group of Wells Fargo Bank, N.A.Summary The 0.4% rise in March industrial production was due entirely to a jump in utilities production after weather-related weakness in February. Manufacturing output declined and continued to demonstrate a stalling in the sector. Manufacturing Pullback In Train Overall industrial production rose 0.4%, though growth was due entirely to an outsized pop in utilities. Utilities output is notoriously volatile, and it surged 8.4% during the month after unusually mild weather weighed on demand for heat in February. That was enough to offset declines in mining and manufacturing production, both down 0.5%. Capacity utilization rose to 79.8%, marking the highest level since November. There’s not much new news in this release. The underlying details continue to demonstrate a stalling manufacturing sector amid a pullback in goods demand. Something we expect to continue. READ FULL ARTICLE>>