US industrial production up 6.40% annually in April
Capacity utilization rose to 79%, official data shows
US industrial production increased 6.40% year-on-year in April, up from 5.36% in March, the Federal Reserve said Tuesday.
In April, all major market groups posted gains with most rising around 1%.
"A step-up in the production of motor vehicles and parts contributed to increases of 1.5%, 3.3%, and 1.1% for consumer durables, transit equipment, and durable materials, respectively," it noted.
Manufacturing output increased 0.8% in April, 5.8% above its year-earlier level.
The index for utilities moved up 2.4%, while mining advanced 1.6%
Capacity utilization climbed to 79%, a rate that is 0.5 percentage point below its long-run (1972–2021) average.
On a monthly basis, total industrial production rose 1.1%, well above market expectations of 0.5%.