US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Macro, Power ..."

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US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Macro, Power ..."

Global Research

18 May 2026ab

US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note - Macro, Power capex

Industrial, Diversified

Amit Mehrotra

April Industrial production improves- The Federal Reserve reported that US industrial Analyst

production increased 0.7% in April compared to March, well ahead of consensus amit.mehrotra@ubs.com

(+40bps). On a year-over-year basis, April represents 1.4% growth which shows +1-201-352 1410

improvement from +0.8% in March. This leads industrial production growth back to Jan Neal Burk

/ Feb levels indicating recovery from March weakness due to geopolitical events. Analyst

neal.burk@ubs.com

More details: +1-212-713 4066

Pratap Singh

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

0.5%-1.0% for most of the last year. pratap-za.singh@ubs.com

+1-212-821 3112

The improvement in industrial production was broad based including

manufacturing, where trends were similar to the overall index. Other sectors like Zachary Walljasper

engine / turbine, defense, motor vehicle and parts, petroleum refineries also Associate Analyst

showed improvement zachary.walljasper@ubs.com

+1-212-713 9829

Empire State Manufacturing Survey sees activity pick up in May- 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 expected

considering the inflationary pressure. That said, firms showed higher confidence in