US industrial production rose 0.7% in April, tops estimates
With more than a hint of an economy on the rise, U.S. factories outperformed expectations,with overall industrial output gaining 0.7 percent last month, beating the consensus forecast of a 0.3 percent gain.
In contrast, mining output, another component of total industrial production, fell 2.3 percent in April.
The gain in factory output, coming after recent strong retail sales data, supports the notion that the U.S. economy could pick up in the second half of the year, following sluggish growth in the first three months of the year.
It’s also important to note that the industrial sector has been held back by a slowing global economy and strong dollar, which have cooled demand for U.S. manufactured goods. Manufacturing output has been flat or negative in four of the last six months.
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