The US Industrial economy turned and advanced last week (if pipeline scheduling is correct), while consumption again backtracked off of its March surge.The Production Index (In terms of its 28-day moving average of gas-flow scheduling into US industrial facilities) broke its string of four down-weeks in a row, rising to 121.0 (from last weeks 120.0). In its raw dailies (above) the week started strong (on the changeover to the 2nd quarter) and built on that strength as the week progressed.
The Consumption Index, conversely, declined (for its second week) to 151.3 (from last weeks record 155.6). In its dailies the week had a somewhat soft look but was much more stable than the prior weeks roller-coaster look.
The Inventories measure (the cumulative weekly difference between the Production Index and the Consumption Index), continued its long-term decline.
A lot of uncertainty the next couple of weeks on the numbers in this report as we tread through the cross-currents of the Easter-Holiday period, as consumers jostle with seasonal norms and we just don't know what the consumers mood will be once the holiday is over and statistics can settle into trends.
Very much liked (however) the way the industrial gas-flows popped on the beginning of the second quarter (nice bounce in scheduling April first-on), and consumption and production are starting to (predictably) trend toward each-other.
-Robry825
