March industrial production stronger than expected on utilities’ jump
Industrial production grew 0.5% in March, the Federal Reserve reported Tuesday.
The increase followed a revised 1.0% increase in February, first reported as a 0.9% gain.
Capacity utilization rose to 78.0% in March from February’s unrevised 77.7.
Economists polled by IFR Markets projected a 0.3% increase for industrial production and a 77.9% capacity utilization rate.
Manufacturing output was up 0.1% in March, following a 1.5% rise in February.
Utilities’ output gained 3.0% after decreasing 5.0% in February, while mining was 1.0% higher after a 2.9% increase the month before.