Industrial production grew 0.7% in April, the Federal Reserve reported Wednesday.

The increase followed a revised 0.7% increase in March, first reported as a 0.5% gain.

Capacity utilization rose to 78.0% in April from March’s revised 77.6%.

Economists polled by IFR Markets projected a 0.6% increase for industrial production and a 78.4% capacity utilization rate.

Manufacturing output was up 0.5% in April, following a revised reading of unchanged for March.

Utilities’ output gained 1.9% after increasing 6.1% in March, while mining was 1.1% higher after a 0.8% increase the month before.

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Chip Barnett

Chip Barnett

Chip Barnett is a journalist with more than 40 years of experience. Barnett is currently Senior Market Reporter for The Bond Buyer.