Industrial production increased 0.8 percent in April, after edging up slightly in March. Manufacturing output rose 1 percent and was 6 percent higher that its year-earlier level, which broadly based gains across industries.
The output of mines increased 1.4 percent in April. Utilities output decreased 1.3 percent. At 102.3 percent of its 2002 average, industrial output in April was 5.2 percent above its year-earlier level.
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Capacity utilization for total industry advanced 0.6 percentage point to 73.7 percent, a rate 6.9 percentage points below its average from 1972 to 2009, but 4.5 percentage points above the rate from a year earlier.
Daniel J. Meckstroth, chief economist for the Manufacturers Alliance/MAPI, said:
\”Many industries are struggling to ramp up production fast enough. Just as inventory destocking made the recession worse in manufacturing, the inventory swing has pushed manufacturing growth well above the pace of overall economy. We expect to see continued moderately strong growth in manufacturing activity this year as the industrial sector restocks and benefits from the economic recovery.\”
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