Compared with a year ago, production was up 2.2%. Manufacturing was hurt by the strong dollar in 2015 and 2016 but business investment has picked up this year. Economists said the factory sector is off to a strong start in the second quarter, which is welcome as consumers are still not spending. Manufacturing began the quarter up an impressive 4.8% at an annual rate from the first quarter average, said Jim O’Sullivan, chief U.S. economist at High Frequency Economics.
US Industrial Production grew by 1.0%
Industrial production in April grew at the fastest monthly rate in more than three years, on the back of broad-based gains in the manufacturing sector. The Federal Reserve said Tuesday that industrial production grew 1% in April, topping the MarketWatch-compiled economist consensus for 0.5% growth. This is the fastest pace of growth since February 2014. March’s increase was revised down slightly to a 0.4% rise from an initially reported 0.5% gain. But industrial output has been up for three straight months.
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