The revisions that came with the March IP report were significant, and it now looks to me that the US is undergoing something like a v-shaped recovery.
in terms of capacity utilisation, only two recoveries have been significantly more vigorous (from the Oct 1949 low, and that Feb 61 low). The presert recovery is similar to the recovery from the Nov’82 low – and much better than the languid recoveries from the 1991 and 2001 recessions.
In terms of production, the recovery is also starting to look v-shaped. Again, there are only two that were markedly more vigorous (from the Oct 1949 low, and that Feb 61 low), and the presernt growth in production is similar to the vigorous growth from the production lows of May 1954, March 1975, and Nov 1982.
Again, the recovery is much stronger than those following the 1991 and 2001 recessions.