Industrial production decreased 0.5 percent in April after having fallen 1.7 percent in March. Production in manufacturing declined 0.3 percent in April and was 16.0 percent below its recent peak in December 2007. The decreases in manufacturing in April remained broadly based across industries. Outside of manufacturing, the output of mines fell 3.2 percent, as oil and gas field drilling and support activities continued to drop.
Net foreign purchases of long-term securities were $55.8 billion.
Foreign holdings of dollar-denominated short-term U.S. securities, including Treasury bills, and other custody liabilities increased $26.7 billion. Foreign holdings of Treasury bills increased $47.9 billion.
Are their any trends we can derive from the data? It' obvious to see that as net purchases were down, industrial production shrank on all levels.
Perhaps we can runa statistical model to prove a closer relationship?
I will leave that for another day, or for the Krugman's or Mankiw's of this world.
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