Industrial production in the US stabilized in April, as growth in the utilities sector offset declines in the manufacturing and mining sectors.
The Federal Reserve data showed on Thursday that industrial production stabilized on a monthly basis in April, compared to expectations of 0.1% growth from its level in March, when it contracted by 0.3%.
Among consumer goods, durable goods production fell 1.3%, while the non-durable goods index rose 0.1%.
Mining output contracted 0.3%, after rising 1.1% in March, while manufacturing output fell 0.4% in April.
While the utilities production index rose 3.3%, as electricity and natural gas utility output increased, it is 4.3% higher on a year-over-year basis.
AI Summary
Comments Analysis: