April US industrial production +1.0% vs +0.4% expected

The US industrial production report for April 2017

• Prior was +0.5% (revised to +0.4%)
• Capacity utilization 76.7% vs 76.3% expected
• Manufacturing production +1.0% vs +0.4% expected
• Mining output +1.2% vs -0.4% prior
• Utilities +0.7% vs +8.2% prior
• Motor vehicle assembly rate 11.93m vs 11.20m prior

Finally some good news in hard data after months of upbeat PMI surveys.

The one thing to worry about is the jump in vehicle production. It's a problem because sales have been disappointing in the most-recent data. That means inventories are likely high and production will be scaled back.