Industrial Production Rises 0.7% in March
Industrial production rose 0.7% in March after a revised 1.2% increase the prior month, figures from the Federal Reserve showed April 16.
The median forecast in a Bloomberg News survey of economists called for a 0.5% rise. Manufacturing, which makes up 75% of total production, grew 0.5% after surging 1.4%.
Utility output rose 1% after a 0.3% drop the previous month. Mining production, which includes oil drilling, increased 1.5% last month.
“Manufacturing wasn’t immune to the weather effect, so we’ll continue to see some bounce back in the next few months,” said Ryan Sweet, senior economist at Moody’s Analytics Inc. “It’s similar to what we’re seeing in the rest of the economy. Underlying demand is improving.”
