Manufacturing output accelerated 1.0% last month, the Federal Reserve said on Tuesday. Data for March was revised down to show production at factories declining 0.8% instead of 0.5% as previously reported
Economists polled by Reuters had forecast production gaining 0.1%. Output dropped 0.9% on a year-on-year basis in April.
Manufacturing, which accounts for 11.3% of the U.S. economy, has been hamstrung by higher borrowing costs, which are undercutting demand for goods, typically bought on credit. Spending is also shifting from goods to services. The Institute for Supply Management’s measure of national manufacturing activity has contracted for six straight months.Mining output increased 0.6%, boosted by oil and gas extraction, after slumping 1.3% in March. Utilities production tumbled 3.1% after jumping 8.4% in the prior month. Production of electric and natural gas utilities declined in April.
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