U.S. Manufacturing Output Up 0.9% In March

Industrial production increased at an annual rate of 7.8% in the first quarter, according to a report from the Federal Reserve. In March, production was up 0.1%, Industry Week reports.

Led by widespread gains among durable goods industries, manufacturing output rose 0.9%. Factory production was likely held down in February by the winter storms but nonetheless rose at an annual rate of 6.6% for the first quarter as a whole, the Federal Reserve said.

Capacity utilization for total industry advanced 0.2% to 73.2%, a rate 7.4% below its average from 1972 to 2009, but 3.7% above the rate from a year earlier.

“The U.S. factory sector continues a seesaw pattern of strong and weak months of production but nonetheless is in the throes of an impressive recovery lead by a powerful inventory swing, fiscal stimulus programs, and an Asian-led export rebound,” said Cliff Waldman, Economist for the Manufacturers Alliance/MAPI.