Industrial production and Capacity Utilization for April 2020
- Industrial Production -11.2% vs -12.0% estimate. The largest on record (going back to 1919).
- Prior month revised to-4.5% from -5.4% previously reported
- Capactiy Utilization 64.9% vs 63.8% estimate. Better than expected but still a record low
- Prior month revised to 73.2% from 72.7% previously reported
- Oil and gas drilling fell by -27.8% MoM
- Capacity Utilization rate for petroleum and coal products fell to 61.3% from 75.2% in March
Better than expectations but the estimates are like horseshoes and hand grenades. It was close enough given the magnitude of the decline.
