WASHINGTON: US industrial production increased for a second straight month in April as more factories came online after being shutdown by winter ice storms.
Industrial production — which includes output at factories, mines and utilities — rose 0.7 per cent last month, down from a sharp gain of 2.4 per cent in March, the Federal Reserve reported Friday (May 14).
Manufacturing output rose 0.4 per cent, even as a shortage of semiconductor chips caused auto production to fall. The manufacturing of machinery, steel and other metals, and chemicals rose.
Utility production climbed 2.6 per cent, after a sharp drop in March. And mines lifted production 0.7 per cent last month.
The US economy is expanding at a healthy clip as consumers become more confident and states and cities relax restrictions on businesses. Growth was 6.4 per cent at an annual rate in the first three months of the year and economists forecast the expansion could accelerate to a double-digit pace in the April-June quarter.
Still, there are signs that Americans are switching their spending away from goods to services, as restaurants, movies, and other entertainment venues open up. Retail sales for April were flat, according to a separate report Friday, though sales at restaurants and bars rose 3 per cent.
US industrial output rose a modest 0.7% in April Source link US industrial output rose a modest 0.7% in April