US Industrial Production: March data above expectations - ING

US Industrial Production rose 0.5% in March above the 0.4% expected. James Knightley, Senior Economist at ING, points out that industrial output data continues to impress, making a strong positive contribution to the economy. 

Key Quotes: 

“US industrial production has beaten expectations again, rising 0.5% MoM in March versus the consensus forecast of 0.3%. This follows a 1% rise in February.”

“The outlook remains positive given the robust domestic economy and a competitive exchange rate that allows US exporters to really benefit from the upturn in global demand.”

“It is important to remember that manufacturing output is still 5% lower than a decade ago while manufacturing employment is down 7.5%.”

“Trade tensions remain a clear risk while problems obtaining commodities (aluminium market in particular following an extension of Russian sanctions) could create bottlenecks in the near term.”