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Industrial Production Grows for 16th Consecutive Month

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Consumer durable goods industrial production in April was up 5.8 percent compared to April 2010. The one-month rate of change has grown for 16 consecutive months, although April’s rate was the fourth slowest in that period. The chart above shows that the actual production index is still at a relatively high level (the third highest level since June 2008) compared to the worst of the recession, or the peak production levels of 2010. While the production level is still high, the annual rate of change has seen slower growth each of the last four months.
 
Some sectors of durable goods manufacturing are performing better than consumer durable goods. Sectors still seeing accelerating growth in the annual rate of change are: durable goods excluding motor vehicles and parts (what I call capital goods); machinery; turned product; mining; oil and gas field equipment; power transmission equipment; aerospace; and medical equipment.
 

Also of note, a couple of industries have seen their one-month rate of change start contracting. These include farm equipment and construction machinery. To see these other charts or leading indicators for industrial production go here