Source: Federal Reserve
The total volume of industrial production rose for the fourth straight month, with an increase of 1.1% in April, more than an estimated gain of 0.5%. SPY is up +1.20%, DXY is down -0.78%.
- Manufacturing output also saw increases, adding 0.8% in April, surpassing estimates of 0.4%. The utilities index rose up 2.4%, while the gauge for mining saw a 1.6% surge. Oil and gas well drilling increased by 3.2%.
- The industrial production is now at 105.65, which is 6.45 higher than the level in the comparable month of 2021.
- Other parameters also saw gains, with the capacity utilization rising to 79.0%, a 15-month high. The level is now 0.5% below its long-run average.
- The rise in factory output is now seen to reflect a potential easing of capacity bottlenecks relating to labor and materials.