Industrial production in the United States remained unchanged in April, as a decline in the manufacturing of durable goods countered gains elsewhere, the Federal Reserve reported on Thursday.
Production fell short of economists’ forecasts. According to Econoday, the median expectation was for a 0.1 percent increase
Manufacturing output saw a sizable 0.3 percent decline in April after a 0.2 percent increase in the prior month. Motor vehicles and parts output fell 0.2 percent in April. In the prior month, car, and truck production rose a 2.8 percent.
Excluding cars, total industrial output increased 0.1 percent.
Utilities production rose 2.8 percent. Mining output, which includes oil and natural gas production, tumbled 0.6 percent on top of the prior month’s 1.1 percent decline.
The figures for prior months were revised in conflicting directions. March’s industrial output was revised down to a 0.1 percent increase, a significant adjustment from the initial estimate of a 0.4 percent rise. However, this revision was partly offset by an upward adjustment for February, where production was revised to show a 0.8 percent gain, up from the previously reported 0.4 percent increase.
Capacity utilization, a key metric that measures how fully the nation’s factories, mines, and utilities are being used, slipped to 78.4 percent in April from 78.5 percent in March (revised up from the prior estimate of 78.4 percent). That matched expectations.
The stagnation in industrial production highlights ongoing challenges within the manufacturing sector, particularly in the production of durable goods. Despite some revisions to past months’ data, the overall trend suggests a sluggish performance in the industrial sector.
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