According to a new report, U.S. Industrial Production has surged to to the largest gain in over three years.
The Wallstreet Journal reported: WASHINGTON—U.S. industrial output rose sharply in April, the latest evidence that economic growth is picking up following a lackluster start to the year.
Industrial production—a measure of output at factories, mines and utilities—jumped 1.0% from a month earlier, the Federal Reserve said Tuesday. That was the largest gain in more than three years.
The strong showing follows a string of upbeat April indicators, including the unemployment rate falling to its lowest level since 2007, solid consumer spending gains at online sellers, restaurants and other retailers, and existing-home sales climbing at their fastest pace in a decade. The broad-based growth across key sectors of the economy suggests healthy demand from consumers and businesses, reversing some gloomier readings from earlier in the year.
“If you filter through the noise and look at the broader trend, things are starting to get a little better,” said Richard Moody, chief economist at Regions Financial Corp.
Tuesday’s report from the Federal Reserve showed manufacturing output, the biggest component of industrial production, posted its strongest gain since early in 2014, pushing the Fed’s manufacturing index to a new postrecession high.
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