Wall Street Journal reports that the “measure of output at factories, mines and utilities marks the largest gain in more than three years.”
The WSJ cites this as evidence economic growth is picking up.
Industrial production is a measure of output at factories, mines and utilities and it’s up 1% in April. They only expected a .4% increase.
As the report mentions there are other good signs: the unemployment rate is the lowest since 2007; there has been solid consumer spending gains online, at restaurants and at other retailers; and home sales are climbing at their fastest pace in three years. There is broad-based growth.
Richard Moody said “things are getting a little better.”
Manufacturing has shown its biggest gains since early 2014. All components of industrial production are up.
President Trump is getting no credit in the media though his relaxing of heavy regulations under Obama has made a big difference in the industry.
President Obama, by way of contrast, presided over a net loss of manufacturing jobs of about 95,000 jobs. He has damaged the coal industry. There was an oil boom despite his best efforts to thwart it.