Friday, May 15, 2015

Mining and Utilities Drive Industrial Production Decline

Industrial production decreased 0.3% in April, the fifth consecutive monthly loss. From April 2014, the index increased 1.9%.

Output of utilities fell by 1.3%, an improvement from the 5.4% decline in March. Mining output decreased by 0.8% — the fourth consecutive monthly decrease — driven by a sharp fall in oil and gas well drilling. Manufacturing output was flat from March, as a small increase in the production of durables was offset by a small decrease in the output of nondurables .

The capacity utilization for the total industry was 78.2%, 1.9 percentage points below the 1972 - 2014 average.

Final products declined 0.5%, driven by declines in both consumer goods and business equipment. Nonindustrial supplies increased 0.2% as construction increased 0.1% and business supplies increased 0.3%. The index for materials declined 0.2% as a result of a 0.5% reduction in energy materials.

Read the Federal Reserve release.

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