Industrial Production Growth Highest in 10 Years
May 14 (Bloomberg) -- "Industrial production in the U.S. rose in April by the most in three months, indicating factories keep powering an economic recovery that’s becoming broad-based.
Output at factories, mines and utilities increased 0.8 percent last month after a 0.2 percent gain, figures from the Federal Reserve showed today. Production at manufacturers rose 1 percent for a second month.
Spending by companies and consumers is spurring production at the same time factories are scrambling to replenish inventories. The combination of manufacturing growth and a pickup in Americans’ purchases is helping sustain the economy’s expansion."
MP: On an annual basis, industrial production increased by 5.2% in April, the highest growth rate in almost ten years, going all the way back to a 5.5% growth rate in June 2000 (see chart above). The manufacturing component of industrial production grew by 6% compared to April of last year.