March Industrial Production Rose 0.9% to Highest on Record

RJS; MarketWatch 666

Summary: March industrial production: G17 release on Industrial production and Capacity Utilization for March indicates industrial production rose 0.9% in March after rising by a revised 0,9% in February and a revised 1.0% in January, which left production 5.5% higher than a year ago.

Industrial Production Rose 0.9% to Highest on Record in March

The Fed’s G17 release on Industrial Production and Capacity Utilization for March indicated that industrial production rose 0.9% in March after rising by a revised 0,9% in February and a revised 1.0% in January, which left production 5.5% higher than a year ago . . . the industrial production index, with the benchmark set for average 2017 production to be equal to 100.0, was at 104.6 in March, up from an unrevised February index reading of 103.6, after the January index was revised down from 103.0 to 102,7, which caused the February increase to be revised from 0.5% up to 0.9%, while the January change was revised from a 1.4% increase to an increase of 1.0% . . . after those revisions and the March increase, US industrial production was up at a 8.1% annual rate for the first quarter as a whole…

The manufacturing index, which accounts for around 77% of the total IP index, rose to 102.6 in March from 101.7 in February, which had previously been reported at 101.5 . . . the March manufacturing increase included a 7.8% jump in the output of motor vehicles and parts producers, while other factory output rose 0.4%, and came after the January manufacturing index was revised from 100.4 to 100.5 and the December manufacturing index was revised from 101.8 to 101.9 . . . after revisions, the manufacturing index now sits 4.9% above its year ago level, while first quarter manufacturing grew at a 5.7% annual rate from that of the 4th quarter of 2021 . . . meanwhile, the mining index, which includes oil and gas well drilling, rose 1.7%, from 110.9 in February to 112.8 in March, after the February mining index was revised up from last month’s reported 110.5, which left the mining index 7.0% above where it was a year earlier . . . finally, the utility index, which typically fluctuates due to deviations from normal temperatures, rose by 0.4% in March, from 106.0 to 106.4, after the February utility index was revised from 106.9 to 106.0, now down 1.0% from January . . . including this month’s revisions, the utility index is now 7.5% above that of a year ago, as last March temperatures averaged warmer than normal, reducing utility usage…

This report also includes capacity utilization data, which is expressed as the percentage of our plant and equipment that was in use during the month . . . seasonally adjusted capacity utilization for total industry rose to 78.3% in March from 77.7% in February, which was revised up from the 77.6% utilization reported a month ago . . . capacity utilization of NAICS durable goods production facilities rose from a revised 77.7% in February to 78.6% in March, while capacity utilization for non-durables producers was up from 79.1% to 79.5% . . . capacity utilization for the mining sector rose to 79.5% in March from 78.3% in February, which had been reported as 78.0% last month, while utilities were operating at 67.1% of capacity during March, up from 75.0% in February, after February’s utility utilization was revised down from the previously reported 75.7% . . . for more details on capacity utilization by type of manufacturer, see Table 7: Capacity Utilization: Manufacturing, Mining, and Utilities, which shows the historical capacity utilization figures for a dozen types of durable goods manufacturers, 8 classifications of non-durable manufacturers, mining, utilities, and capacity utilization for a handful of other special categories..