April 18, 2023

US industrial production rose +0.4% m/m in March, up +0.5% from a year ago, recovering from a modest drop in 4Q22. For Q1 as a whole, production was flat q/q, up +1.0% from a year before.

Total industrial capacity utilization rose slightly to 79.8% in March.

US manufacturing output (a subset of industrial production) fell -0.5% m/m in March, down -0.9% from a year ago. For Q1 as a whole, output rose +0.1% q/q, up just +0.1% from a year ago.

Manufacturing capacity utilization declined slightly to 78.2% in March.