Industrial production grew 0.5% in March after a downwardly revised 0.1% increase in February, according to the Federal Reserve. Capacity utilization rose to 78.0% in March, the highest level in three years.
Manufacturing output grew 0.1% after posting a 1.5% gain last month. Production of durable goods increased 0.9%, while nondurable goods production rose 0.4%. Capacity utilization for manufacturing fell 0.1 percentage point to 75.9%, a rate that is 2.4 percentage points below its long-run average.
The output of mining rose 1.0% after increasing 2.9% in February. The index in March was 10.8% higher than its year-earlier level.
Utilities increased 3.0% in March, after falling 5.0% in February. The index in March was 5.3% higher than its year-earlier level.
Read the Fed release.