Manufacturing production increased 1.0% in April, pulling overall industrial production past expectations, according to MarketWatch (subscription).
What’s going on: April’s manufacturing increase—which came after a 0.8% drop in March—was owed to a surge in the output of motor vehicles and related parts.
- Motor vehicles and parts increased 9.3%, following a 1.9% dip in March.
- Manufacturing capacity utilization bounced back from 77.6% in March to 78.3% in April.
What’s up, what’s down: Other market groups that experienced increases in April included business equipment (up 1.2%) and mining output, which includes oil and gas (up 0.6%). Both followed declines in March.
- Meanwhile, utilities output fell 3.1% after gaining 8.4% in March.
Overall: On a year-over-year basis, industrial production has increased 0.2%.