Input Stories

Industrial production decreased 0.3% in March but was up 5.5% in the first quarter. Meanwhile, manufacturing output rose 0.3%, wherein growth in computer and electronic products, motor vehicles and parts and apparel and leather was partially offset by declines in wood products, textile and product mills and petroleum and coal products. At 103.9% of its 2017 average, total industrial production in March rose 1.3% from the same month last year. Capacity utilization slipped to 77.8%, down from last month, but increased 1.3% over the past year. Capacity remains 1.8 percentage points below its long-term average from 1972 to 2024.

In March, major market groups had mixed growth. Among consumer goods, the production of durables increased modestly at 0.5%, held down by a 2.0% decline in home electronics, while the index for nondurables fell 1.4%, with the greatest decrease in energy (-5.9%). The business equipment index improved 1.7% in March, with transit equipment up 4.5% after rising 8.6% in February and 7.7% in January.

Durable goods manufacturing advanced 0.6% in March, with a large decline in wood products (-3.0%) offset by increases in aerospace and miscellaneous transportation equipment (1.8%) and motor vehicles and parts (1.2%). Nondurable goods manufacturing was flat in March. Manufacturing capacity utilization rose 0.2 percentage points to 77.3% but remains 0.9 percentage points below the long-term average.