Industrial Production rose a better than expected 0.5% MoM in March. However, the rise in IP was driven by a huge 3.1% MoM spike in Utilities after being suppressed in February by warmer-than-normal temperatures.

On a year-over-year basis, that is a 4.26% rise - the biggest annual gain since Feb 2012.

But a closer inspection of the chart above shows that US Industrial Production has only just managed to top its 2014 peak - "recovery"?

We also note that, as @GreekFire23 points out, it is amazing how much of our economy is driven by the auto industry: 70% of the entire retail sales gain yesterday and 20% of the entire annual manufacturing growth today.

The big driver of March's gain was a 3.1% spike in Utilities (after a 5.1% plunge in Feb due to warmer-than-expected weather) with the biggest spike of all in NatGas Utes (up 15.6% MoM in March)...

 

Manufacturing Production growth slowed notably from an upwardly revised +1.5% MoM in Feb to just +0.1% MoM in March (and Mining also slowed dramatically)...

 

US Economic output still has work to do to catch up with the market's lofty hopes...