2023-05-16 16:35:46
US factory production rose in April, driven by higher production at auto plants, but manufacturing remains constrained by higher interest rates.
And the US Federal Reserve said, on Tuesday, that the production of the manufacturing sector grew by 1 percent last month.
Data for March was revised to show factory production declining by 0.8 percent instead of 0.5 percent as previously reported.
Economists polled by Archyde.com had expected factory output to grow by 0.1 percent.
Production fell 0.9 percent year-on-year in April.
Auto production jumped 9.3 percent last month, following falling 1.9 percent in March.
Excluding the auto sector, industrial production increased 0.4 percent following declining 0.7 percent in March.
On the other hand, retail sales in the US rose less than expected in April, but the underlying trend was strong, indicating that consumer spending got off to a strong start to the second quarter, defying expectations of a recession this year.
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