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Manufacturing Production YoY fell to -4.5 in March 2026, down 1.5 from February's -3.0 reading. The reading missed the -1.0 consensus by 3.5. The print is running well below the 12-month average of 1.78. Over the past 3 months, Manufacturing Production YoY averaged -3.4, vs -0.53 in the prior 3-month window. Manufacturing Production YoY is now the lowest in 20 months.
The April 2026 reading fell from the previous value of -3. Historically, this indicator is positively correlated with USD/JPY (Bullish USD) and negatively correlated with EUR/USD (Bearish EUR).
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