March Industrial Production Surges After Weak February

Factory Detroit

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Headline: Up 0.8%Expectations: Up 0.6%

Previous: Revised up to a positive 0.1%

Capacity utilization was also up, but still remains below the long-term average.

Here are the details from the Fed:

Industrial production increased 0.8 per cent in March and rose at an annual rate of 6.0 per cent for the first quarter as a whole. Manufacturing output advanced 0.7 per cent in March, its fourth consecutive month of strong expansion; factory production climbed at an annual rate of 9.1 per cent in the first quarter. Outside of manufacturing, the output of mines rose 0.6 per cent in March, while the output of utilities increased 1.7 per cent after declining significantly in the preceding two months. At 93.6 per cent of its 2007 average, total industrial production was 5.9 per cent above its year-earlier level. The rate of capacity utilization for total industry rose 0.5 percentage point to 77.4 per cent, a rate 3.0 percentage points below its average from 1972 to 2010.

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