Industrial Production Rose 0.5% in April
Washington, DC, May 16, 2023-Industrial production rose 0.5% in April after moving sideways the previous two months, according to the Federal Reserve.
In April, manufacturing increased 1.0%, bolstered by a strong gain in the output of motor vehicles and parts; factory output excluding motor vehicles and parts moved up 0.4%. The index for mining rose 0.6%, while the index for utilities dropped 3.1%, as milder temperatures in April lowered demand for heating. At 103.0% of its 2017 average, total industrial production in April was 0.2% above its year-earlier level. Capacity utilization edged up to 79.7% in April, a rate that is equal to its long-run (1972–2022) average.