Ohio’s Unemployment Rate Reaches Record Low in April

U.S. Insights

U.S. Real GDP increased at a 1.3% annual rate in the first quarter of 2023, higher than previous estimates of 1.1%, according to the second estimate released by the Bureau of Economic Analysis. Durable goods orders rose 1.1% in April, the second consecutive month of growth. The gain was largely driven by an increase in orders for transportation equipment, which advanced 3.7% during the month. Excluding transportation, new orders decreased 0.2%. Excluding defense, new orders decreased 0.6%.  Industrial production rose 0.5% in April following flat readings in both February and March. Manufacturing output increased 1.0% during the month, led by strong gains in motor vehicles and parts. Total industrial production in April was up 0.2% on an annual basis. Capacity utilization rose slightly to 79.7%, a rate that is equal to its long-run (1972–2022) average.

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