The Federal Reserve reported Thursday that U.S. industrial production remained unchanged in April, as increased utilities output counterbalanced declines in mining and manufacturing. The latest data showed no change in industrial production following a slightly revised 0.1 percent rise in March.
Economists had predicted a 0.1 percent increase in industrial production for April, compared to the originally reported 0.4 percent growth for the prior month.
The report highlighted a significant rise in utilities output, which climbed 2.8 percent in April after a 1.6 percent increase in March. Conversely, mining output decreased by 0.6 percent following a 1.1 percent decline in March, while manufacturing output dropped 0.3 percent after experiencing a 0.2 percent rise the previous month. Excluding motor vehicles and parts, manufacturing output saw a marginal 0.1 percent decrease.
Additionally, the Fed report indicated a slight decrease in capacity utilization within the industrial sector, which fell to 78.4 percent in April from a revised 78.5 percent in March. Economists had anticipated that capacity utilization would remain unchanged from the initially reported 78.4 percent for March.
Sector-specific capacity utilization revealed an increase in the utilities sector to 71.0 percent, while the manufacturing sector experienced a drop to 76.9 percent and the mining sector declined to 92.1 percent.