Industrial production grew 0.7% in April after a downwardly revised 0.5% increase in March, according to the Federal Reserve. Capacity utilization rose to 78.0% in April, the highest level in three years.
Manufacturing output grew 0.5% after remaining unchanged last month. Production of durable goods decreased 0.5%, while nondurable goods production rose 1.5%. Capacity utilization for manufacturing fell 0.1 percentage point to 75.8%, a rate that is 2.5 percentage points below its long-run average.
The output of mining rose 1.1% after increasing 0.8% in March. The index in April was 10.6% higher than its year-earlier level.
Utilities increased 1.9% in April, after rising 6.1% in March. The index in April was 6.0% higher than its year-earlier level.
Read the Fed release.
