Industrial production up 0.7% in April

17 May, 2018, 09:27 | Author: Arnold Perez
  • Industrial production up 0.7% in April

US factories cranked out more appliances, computers and aircraft last month, lifting manufacturing production for only the second time in five months.

Industrial production grew 0.7% in April after a downwardly revised 0.5% increase in March, according to the Federal Reserve. That marked the third straight month of higher production.

The output gain in March was revised higher, also to 0.7 per cent, but the prior months were revised downward, meaning the production gain in the first quarter of the year was 0.6 percentage points lower than previously reported.

Capacity use is still almost 2 percentage points below the economy's historical average dating back to the early 1970s.

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Economists polled by IFR Markets projected a 0.6% increase for industrial production and a 78.4% capacity utilization rate. Factory output has increased 1.8% over the past year.

Wednesday's report showed factories boosted production 0.5% in April from a month earlier, as American households step up spending and companies boost investment.

Utilities' output gained 1.9% after increasing 6.1% in March, while mining was 1.1% higher after a 0.8% increase the month before. Production of durable goods decreased 0.5%, while nondurable goods production rose 1.5%. Mining output surged 10.6% from a year earlier. Unusually cold weather in April boosted demand for heating.

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