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US industrial production jumps by most since November 2014

6 months 3 weeks 2 days ago May 17, 2016 May 17, 2016 Tuesday, May 17 2016 May 17, 2016 2:44 AM in News
Source: Associated Press

WASHINGTON - The Federal Reserve says U.S. industrial production in April posted the biggest increase since November 2014 as utility output surged.

Industrial output - which includes factories, mines and utilities - rose 0.7 percent from March. It had dropped the previous two months.

Driving the climb was utility production, which surged 5.8 percent in April. It was the biggest jump since February 2007. Demand for electricity and natural gas returned to more normal levels after unusually mild March weather.

Factory output rebounded 0.3 percent, the most since January, helped by a solid increase in auto and machinery production.

Mining production dropped 2.3 percent, marking the eighth straight decline as energy companies reduced oil and gas drilling. Coal producers have also cut back in the face of lower-price competition from natural gas.

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