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Quotes from BMO Capital Markets:
- U.S. industrial production rose 0.7% in March, which beat expectations of a 0.5% gain but what makes the headline even more attractive is the revision to the prior month. February's 0.6% increase was doubled to reflect a 1.2% jump. For Q1, output is up at a 4.4% annualized pace, not bad considering Q4 was up 4.9% annualized. This is the best back-to-back performance in four years.
- Both manufacturing and mining were strong contributors to economic activity. The utilities component is always a wildcard but even after stripping it out, industrial production still rose 0.6%. Breaking down the headline, most of the various market groups saw stronger output at quarter-end-business equipment, non-industrial supplies, consumer goods (durable and nondurable).
- A notable mention must be given to 'information processing & related equipment', which rebounded 1.3%, the largest monthly increase in seven months, suggesting that businesses are allocating more towards investment in equipment and capital.
