Industrial Production rose 0.96% in April – the biggest MoM move since Feb 2014 – dramatically better than expected (and one of the first ‘hard’ data beats this month). Year-over-year, IP is up over 2% (the fastest growth since Jan 2015).
The increase in durables was spearheaded by a large advance for motor vehicles and parts, while the improvement for nondurables was led by gains for food, beverage, and tobacco products, for textile and product mills, for printing and support, and for chemicals.
What is most ironic is the 5.1% surge in Automotive production – we suspect that will not be sustained (given Ford’s massive layoffs). Ex-Autos IP rose just 0.6%.
This post was published at Zero Hedge on May 16, 2017.
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