Industrial Production Sees Record Decline in April

Industrial production decreased 11.2% in April, the largest monthly decline in the history of the index, as the COVID-19 pandemic caused many factories to slow or suspend operations.

Manufacturing output decreased 13.7% in April, its largest decline on record. All major industries fell. Durables manufacturing decline 19.3%, led by a 71.7% plunge in the output of motor vehicles and parts. Nondurable manufacturing fell 8.2%, with declines of around 20% for textile and product mills (20.7%) and printing and support (21.2%).

Mining output fell 6.1% in April and declined 7.5% year-over-year. The index for oil and gas well drilling fell 28%, its largest drop on record.

The output of utilities fell 0.9% in April; the output of electric utilities declined 3.3%, while the output of natural gas utilities increased 10.7%.

Read the Fed release.