No. 887: April Industrial Production and Housing Starts

(SGS Subscription required) • April Industrial Production Showed Solid Monthly Gains, Moving Off Bottom
• That Said, 112 Months of Continuing Non-Expansion in U.S. Manufacturing Is the Worst String of Non-Recovery in the 99-Year History of Industrial Production
• It Tops the 96-Month Post-World War II Manufacturing Realignment, and the 88-Month Slump in the First Down-Leg of the Great Depression
• Still No Recovery: Activity Held Below Pre-Recession Peaks, with Production Down by 0.2% (-0.2%), Manufacturing Down by 5.6% (-5.6%) and Housing Starts Down by 48.4% (-48.4%)
• Annual Revisions to Housing Starts Pushed the Series into a Downtrend, Reflecting a Near-Term Hit to Multiple-Unit Starts
• 2016 Durable Goods Orders Just Took a 2.8% (-2.8%) Benchmarking Hit

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