In April, the index for production of durable goods was 107.5. Compared with one year ago, the index increased 38.8%, which was the second straight month of accelerating growth and more than twice as fast as the next fastest rate of month-over-month growth ever. Of course, part of the reason for this growth was April 2020 was affected by the lockdown of the economy. 

The annual rate of change, which is easier to correlate with other data points, contracted 3.5%. This was the 14^th consecutive month of contraction but the second consecutive where the contraction decelerated. The key leading indicator of production – durable goods new orders – has bottomed out, according to its rate of change, and is indicating that production has likely done the same. 

We track industrial production and its leading indicators for a number of industries.

Accelerating Growth: appliances, automotive, electronics/computers, food/beverage processing, HVAC, military, off-road/construction machinery

Decelerating Growth: 

Accelerating Contraction: 

Decelerating Contraction: aerospace, construction materials, custom processors, durable goods, forming/fabricating (non-auto), furniture, hardware, industrial motors/hydraulics/mechanical components, machinery/equipment, medical, metalcutting job shops, oil/gas-field/mining machinery, petrochemical processors, plastic/rubber products, power generation, primary metals, printing, pumps/valves/plumbing products, ship/boat building, textiles/clothing/leather goods, wood/paper products