Goldman with the wrap.
Industrial production (IP) growth rose to +5.6% yoy in April from +3.9% in March. On a sequential basis after seasonal adjustments, we estimate IP contracted meaningfully by 6.9% mom non-annualized in April (vs. -0.7% in March), in line with the sub-50 manufacturing PMIs for April. Output of automobiles and general equipment contributed the most to the IP year-on-year growth acceleration in April from March (Exhibit 1).
Among major products, automobile production volume growth surged to +59.8% yoy in April from +11.2% in March, driven mainly by favorable base effects (given Covid lockdowns in automobile production bases including Shanghai and Jilin during the same period of last year).
