Industrial Production increased 0.7% in April, after falling for the previous two months, according to the Federal Reserve. The increase was largely due to gains in utilities and manufacturing. Over the last 12 months, total industrial production has fallen 1.1%.
Mining output fell 2.3% on the month, continuing the downward trajectory for the industry. Mining output fell at an average pace of 1.5% monthly over the past eight months.
The utilities index increased 5.8% in April, as demand for electricity and natural gas rebounded following unseasonably warm March weather. The index is up 0.4% over the last 12 months.
Manufacturing increased 0.3% in April after declining by that amount in March. Durable goods production rose 0.6%, as machinery and motor vehicles and parts production accelerated. Nondurable goods manufacturing was largely unchanged in April.
Capacity utilization increased to 75.4%, up 50 basis points from March’s reading and up 1.0% from a year ago.
Read the Fed release.