Total industrial production posted annual growth of 5.5% in March, driven mainly by the utilities and mining industries during the period.
- The total index stood at 104.6, up by 0.9% from the previous month’s reading of 103.5 and 5.5% higher than the same month in the previous year. Capacity growth for the month grew by 0.7% annually.
- In terms of industry groups, the utilities industry recorded an annual growth of 7.5%, followed by the mining industry, which grew by 7.0% year on year, and the manufacturing industry, which jumped by 4.9%.
- For major market groups, the biggest annual growth was seen in materials production, which increased by 6.5%, followed by nonindustrial supplies production up by 5.0%, and consumer groups which increased by 3.0%. Final products gained 4.6%.
The Federal Reserve is set to issue the annual revision to industrial production indexes in the second quarter.
QQQ is down 0.15%, while SPY is up 0.01% premarket.
Source: Federal Reserve