The 2020 Mid-Year Economic Update_long

Industrial Production Down 0.3% in April

Manufacturing output was unchanged for the month.

Industrial production decreased 0.3 percent in April for its fifth consecutive monthly loss, according to the Federal Reserve. Manufacturing output was unchanged in April after recording an upwardly revised gain of 0.3 percent in March. In April, the index for mining moved down 0.8 percent, its fourth consecutive monthly decrease – a sharp fall in oil and gas well drilling has more than accounted for the overall decline in mining this year.

The output of utilities fell 1.3 percent in April. At 105.2 percent of its 2007 average, total industrial production in April was 1.9 percent above its year-earlier level. Capacity utilization for the industrial sector decreased 0.4 percentage point in April to 78.2 percent, a rate that is 1.9 percentage points below its long-run (1972–2014) average.

Construction supplies and business supplies were the only major market groups to post production gains for April, with increases of 0.1 percent and 0.3 percent, respectively. The index for consumer goods declined 0.3 percent; decreases both for consumer energy products and for non-energy nondurables more than offset an increase for consumer durables. The production of business equipment moved down 0.4 percent, as a small gain in information processing equipment was outweighed by cutbacks in transit equipment and in industrial and other equipment. The output of defense and space equipment declined 0.3 percent. The index for materials decreased 0.2 percent as a result of a reduction of 0.5 percent in energy materials.

Manufacturing output was unchanged in April, as a small increase in the production of durables was offset by a small decrease in the output of nondurables. 

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