US industrial production edges past forecasts in April, driven by manufacturing
By Alexander Bueso
Date: Tuesday 16 May 2023
(Sharecast News) - Industrial production in the States bounced back last month after two months of flat output, driven by a rebound in factory activity.
According to the Department of Commerce, in seasonally adjusted terms, total production grew at a month-on-month clip of 0.5% (consensus: 0.4%).
However, the rise in industrial production for the previous two months was revised down by two and four tenths of a percentage point, respectively, to flat.
By major industry groups, manufacturing rebounded by 1.0% on the month after a 0.8% drop in March.
But February and March's increases were both revised down by three tenths of a percentage point to 0.3% and -0.8%, respectively.
Mining production meanwhile rose by 0.6% over the month while that of Utilities fell by 3.1%.
In comparison to a year earlier, total industrial production was 0.2% higher.
Total capacity utilisation rose from 79.4% for March to 79.7% in April.
-- More to follow --
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