April U.S. Industrial Production Drops the Most in 101 Years!

The numbers for April U.S. industrial production were shocking, even though it's been well-documented that the COVID-19 pandemic has shut down much of the economy. The Federal Reserve Board, which publishes the Industrial Production Index (IPI), reported an 11.2% decline in industrial production in April.

The significance of that number becomes clear only when you read the Federal Reserve's statement: "Total industrial production fell 11.2 percent in April for its largest monthly drop in the 101-year history of the index." That's jaw-dropping.