U.S. industrial production rose 0.5% in April, according to data released by the Federal Reserve Board (FRB) on May 16.
The 0.5% increase in April exceeded expectations of a 0.1% gain, according to a survey by The Wall Street Journal. However, the FRB also reported downward revisions to industrial production for both February and March.
The index for mining rose 0.6% in April while the index for utilities fell after jumping 8.4% in March.
“The index for utilities dropped 3.1 percent, as milder temperatures in April lowered demand for heating,” the FRB said.
In April, manufacturing grew 1%, driven by a 9.3% increase in the output for motor vehicles and parts. Durable and nondurable manufacturing increased 1.4% and 0.6%, respectively, while miscellaneous manufacturing fell 1.4%.
At 103% of its 2017 average, total industrial production in April was 0.2% above its year-earlier level. Capacity utilization moved up to 79.8% in April, a rate that is equal to its long-run (1972-2022) average.