The Federal Reserve announces an increase of 0.4% while analysts expected an increase of only 0.2%.
Industrial production rose 0.4% in the United States in March, driven by strong demand for heating due to colder weather, according to data released Friday by the United States Federal Reserve (Fed).
The index stood at 103.0 points.
The increase is stronger than expected, since analysts expected an increase of only 0.2%, according to the consensus of Briefing.com.
“The utilities index jumped 8.4% as the return to more seasonal weather after a mild February boosted demand for heating,” the Fed said.
Manufacturing and mining production, on the other hand, both fell by 0.5%.
Over one year, industrial production grew by 0.5%.
The industrial capacity utilization rate stands at 78.3%, a rate 0.1 percentage point higher than the average calculated between 1972 and 2021.
