Industrial Production Jumps Most In 6 Years Thanks To Cold Weather
Industrial Production rose a better than expected 0.5% MoM in March. However, the rise in IP was driven by a huge 3.1% MoM spike in Utilities after being suppressed in February by warmer-than-normal temperatures.
On a year-over-year basis, that is a 4.26% rise – the biggest annual gain since Feb 2012.
But a closer inspection of the chart above shows that US Industrial Production has only just managed to top its 2014 peak – “recovery”?
The big driver of March’s gain was a 3.1% spike in Utilities (after a 5.1% plunge in Feb due to warmer-than-expected weather) with the biggest spike of all in NatGas Utes (up 15.6% MoM in March)…
Manufacturing Production growth slowed notably from an upwardly revised +1.5% MoM in Feb to just +0.1% MoM in March (and Mining also slowed dramatically)…
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