the trends and changes in industrial production, market groups, industry groups, and the revision of industrial production and capacity utilization

 Overview of the trends and changes in industrial production, market groups, industry groups, and the revision of industrial production and capacity utilization

• Industrial Production: In April, industrial production increased by 0.5 percent after remaining unchanged in the previous two months. Manufacturing, which is a component of industrial production, grew by 1.0 percent in April. Mining output rose by 0.6 percent, while utilities experienced a decline of 3.1 percent due to milder temperatures reducing the demand for heating.

• Market Groups: Most major market groups saw growth in April. Consumer durables, particularly automotive products, experienced an 8.4 percent increase in output. Business equipment, defense and space equipment, non-energy materials, and construction supplies also recorded gains. However, nondurable consumer goods, business supplies, and energy materials witnessed slight declines.

• Industry Groups: Manufacturing output increased by 1.0 percent in April. Durable manufacturing and nondurable manufacturing grew by 1.4 percent and 0.6 percent, respectively. Within durable manufacturing, the largest increase was observed in motor vehicles and parts (9.3 percent), while miscellaneous manufacturing saw the largest decrease (1.4 percent). In nondurables, plastics and rubber products had the largest gain (1.2 percent), while apparel and leather experienced the largest loss (0.8 percent).

• Revision of Industrial Production and Capacity Utilization: The Federal Reserve Board conducted its annual revision of the industrial production (IP) indexes and related capacity utilization measures. The revision included incorporating new annual benchmark data for manufacturing in 2021 and other annual data on mining. The revision also involved adjustments to monthly indicators, seasonal factors, and estimation methods for certain series. Capacity and capacity utilization were revised based on data from the U.S. Census Bureau's Quarterly Survey of Plant Capacity Utilization and additional data from organizations like the U.S. Geological Survey and the U.S. Department of Energy.

Reference

Federal Reserve Board. (2023, March 28). Industrial Production and Capacity Utilization - G.17. Federal Reserve. Retrieved from https://www.federalreserve.gov/releases/g17/current/default.htm