Synopsis-
“The Federal Reserve reported on Tuesday that manufacturing output increased by 1.0% last month. Data for March were revised downward to show factory output declining 0.8% rather than 0.5% earlier reported.”
Manufacturing output in the United States increased in April, owing to higher output at auto plants, but output is still limited due to higher interest rates.
The Federal Reserve reported on Tuesday that manufacturing output increased by 1.0% last month. Data for March were revised downward to show factory output declining 0.8% rather than 0.5% earlier reported.
Is manufacturing growing in the USA?
Economists predicted a 0.1% increase in output. In April, output fell by 0.9% year on year.
After falling 1.9% in March, vehicle production increased 9.3% last month. Except for Motor Vehicle Outputs, manufacturing output increased 0.4% in April after falling 0.7% in March.
Manufacturing, a sector that accounts for 11.3% of the US economy, has been hampered by higher borrowing costs, which are undermining demand for goods, which are typically purchased on credit. As demand slows, businesses maintain excess inventory, decreasing the incentive to place additional orders with factories.
Banks are also clenching lending standards, which may make credit unavailable to some small and medium-sized businesses and consumers.
The Institute for Supply Management’s index of national manufacturing activity has fallen for six months in a row.
Durable manufacturing output increased 1.4% in April. Nondurable goods output increased by 0.6%.credit.
Is the US mining industry growing?
After falling 1.3% in March, mining output grew 0.6%, strengthened by oil and gas extraction. Utilities output fell 3.1% after increasing 8.4% the previous month. Electric and natural gas utility production fell in April.
Manufacturing and mining boosted industrial production by 0.5% in April, offsetting a drop in utilities. In March, industrial output remained unchanged.
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