The Federal Reserve said industrial production ticked down 0.1% in March, a forecast miss fueled by a decline in mining output.
The consensus forecast was looking for a gain of 0.3%, ranging from a low of -0.2% to a high of 0.4%.
|Production – M/M||0.1%||0.3%||-0.2% — 0.4%||-0.1%|
|Manufacturing – M/M||-0.4%||0.3%||0.1% — 0.5%||-0.4%|
|Capacity Utilization Rate||78.2%||79.1%||78.4% — 79.4%|
Industrial production inched up 0.1% in February. For the first quarter (Q1) 2019 as a whole, the index has declined 0.3% on an annual basis.
Manufacturing production was unchanged in March after declining in both January and February. The consensus forecast for manufacturing was looking for a gain of 0.3%, ranging from a low of 0.1% to a high of 0.5%.
The index for utilities increased 0.2%, while mining output moved down 0.8%.
At 110.2 percent of its 2012 average, total industrial production was 2.8% higher in March than it was a year earlier. The Capacity Utilization Rate declined by 0.2% in March to 78.8%, a rate that is 1.0% below its long-run (1972–2018) average.
The consensus forecast was looking for a gain to 79.1%, ranging from a low of 78.4% to a high of 79.4%.