Production by US manufacturing, mining and utilities industries rose for a fourth straight month in April, boosted by gains in automotive output, the Federal Reserve said today.
In its monthly report on industrial production, the Fed said overall output rose by 0.4 per cent in April, while the amount of capacity in use by firms also rose slightly, to 75.5 per cent from a revised 75.3 per cent in March.
March production was also revised downward, to a 0.4 per cent gain from the previously reported 0.7 per cent gain.
The report shows the continued, gradual recovery of the factory sector as it shakes off the effects of a decline in output that started in late 2000. But April's gain was aided by a 3.1 per cent advance in auto and auto parts production, as carmakers stepped up production to keep pace with steady demand from consumers.
The numbers were close to Wall Street analysts' expectations. In a survey of economists, the average forecast had called for a 0.4 per cent gain in production and capacity use to rise to 75.6 per cent.