“Davidson” submits:
Industrial production fell 0.3% in March, dragged down by a steep drop in utility output, the Federal Reserve reported Wednesday. Manufacturing, which makes up most of the index, rose 0.3%, the fifth straight monthly gain, a net/net 0.1% decline.
As has been the case since Nov 2022 when the PMI declined to 49.0, INDPRO has been seriously divergent and remains so today. Despite Goldman Sachs’ recession call that was rescinded moments later, there has been no recession the past 30mos. Key economic series and many corporate reports point to continued economic expansion that in recent reports appear to be accelerating. The rise in manufacturing and hiring especially in auto manufacturing can be in part attributed to reshoring and tariff outcomes.
