US industrial output up 1.1%, more than forecast
Exports accelerated during the first three months of 2012
Washington: Industrial production in the US climbed more than forecast in April, propelled by gains in auto manufacturing and utility use.
Output at factories, mines and utilities increased 1.1 per cent last month, the most since December 2010, after a 0.6 per cent decline in March that was revised from no change, the Federal Reserve reported yesterday.
Manufacturing, which makes up about 75 per cent of total production, rose 0.6 per cent. Utility output climbed the most in two years. Motor vehicles sales in the first quarter that were the strongest in four years have buoyed manufacturing, helping make up for a slowdown in corporate equipment purchases. While US exports accelerated during the first three months of 2012, weaker economies in Europe and parts of Asia remain a hurdle for American factories.
"Things are looking brighter than they were a few months ago," said Millan Mulraine, senior US strategist at TD Securities Inc. in New York.
"Auto production is doing well because consumers are buying vehicles, and consumers are buying vehicles because they feel more positive about their job prospects."
