The US Industrial economy took a break last week (if pipeline scheduling is correct) while consumer spending turned up.The Production Index (In terms of its 28-day moving average of gas-flow scheduling into US industrial facilities) eased for the first time in eight weeks, slipping slightly to 115.0 (from the prior weeks 115.1), In its dailies the week appeared close to seasonal trends of the Easter/Spring Break holiday.
The paperboard-based Consumption Index conversely turned up (for the first time in five weeks), rising to 127.1 (from the previous weeks 125.7), In its dailies the week was soft early, firmed briefly midweek, then softened late.
The Inventories measure (the cumulative weekly difference between the Production Index and the Consumption Index) continued its seemingly never-ending descent.
Overall, the deficit of the Production Index to the Consumption Index, and the deep and continuing decline of the Inventories Measure continue to underpin the economic recovery. Remaining a concern is the continuing lag in the Production vs Consumption Index, which continues to imply a shallowness in the productive end of the US economy... which is a continuing drag on employment and job-creation.
-Robry825
