US Electrical Equipment & Multi-Industry "Macro releases support emergin..."

Research evidence excerpt

US Electrical Equipment & Multi-Industry "Macro releases support emergin..."

Global Research

15 May 2026ab

US Electrical Equipment & Multi-Industry Equities

AmericasMacro releases support emerging short cycle

recovery Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

This morning, there were couple of macro datapoints which support emerging short +1-201-352 1410

cycle recovery.

Neal Burk

First, the Federal Reserve reported that US industrial production increased 0.7% in April neal.burk@ubs.com

compared to March, well ahead of consensus (+40bps). On a year-over-year basis, April +1-212-713 4066

represents 1.4% growth which shows improvement from +0.8% in March. This leads Pratap Singh

industrial production growth back to Jan / Feb levels indicating recovery from March Analyst

weakness due to geopolitical events. More details: pratap-za.singh@ubs.com

+1-212-821 3112

On a 2-year rolling basis, output was up 2.2%, close to Jan and well ahead of 0.5%- Zachary Walljasper

1.0% for most of the last year. Associate Analyst

zachary.walljasper@ubs.com

+1-212-713 9829

The improvement in industrial production was broad based including manufacturing,

where trends were similar to the overall index. Other sectors like engine / turbine,

defense, motor vehicle and parts, petroleum refineries also showed improvement.

In addition to April data, leading indicators of May activity were also positive. The

Federal Reserve Bank of New York released their May Empire State manufacturing

results that showed general business conditions at +19.6, up 9 pts from the last month

and reaching highest level in four years. New orders also increased 3 pts to +22.7, one of

the highest levels in four years. However, prices paid continue to pick sharply, which is