Industrial production remains unchanged for a second month

Source: Federal Reserve

Apr 25, 2012

Industrial production was unchanged in March for a second month but rose at an annual rate of 5.4% in the first quarter of 2012. Manufacturing output declined 0.2% in March but jumped 10.4% at an annual rate in the first quarter. The gain in manufacturing output in the first quarter was broadly based: Even excluding motor vehicles and parts, which jumped at an annual rate of nearly 40%, manufacturing output moved up at an annual rate of 8.3% and output for all but a few major industries increased 5% or more. In March, production at mines rose 0.2% and the output of utilities gained 1.5%. For the quarter, however, the output of utilities dropped at an annual rate of 13.8%, largely as a result of unseasonably warm temperatures over the past several months, while the output of mining fell 5.4%. At 96.6% of its 2007 average, total industrial production for March was 3.8% above its year-earlier level. The rate of capacity utilization for total industry edged down to 78.6%, a rate 2.1 percentage points above its level from a year earlier but 1.7 percentage points below its long-run (1972--2011) average.

Industrial production was unchanged in March for a second month but rose at an annual rate of 5.4% in the first quarter of 2012.


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