US industrial production inches up 0.1 per cent in March
16 Apr 2010
US industrial production improved slightly last month, up 0.1 per cent from February, and increased at an annual rate of 7.8 per cent in the first quarter, according to initial estimates from the Federal Reserve.
The data marked a slowdown from growth of 0.3 per cent in February and 1 per cent in January.
The rise was led by a 0.9 per cent increase in manufacturing led by widespread gains among durable goods industries. Factory production was likely held down in February by the winter storms but nonetheless rose at an annual rate of 6.6 per cent for the first quarter as a whole.
Industrial output measures the overall production at the nation's factories, mines and utilities.
For financial markets, a sharp increase in jobless claims overshadowed the March industrial production data and two separate strong factory readings for April from Philadelphia and New York.
The output of mines increased 2.3 per cent in March. Utilities output dropped 6.4 per cent; after a relatively cold February, demand for heating fell in March as temperatures climbed to above-normal levels.