Data continues recent growth trend
Industrial production rose 1.2% in May, according to a report from the Federal Reserve, released today.
The May data continued a recent growth trend, following a 0.3% rise in March and a 0.7% gain in April. Industrial production had slipped 0.1% in February.
The May gains were led by a 4.8% rise in the utilities sector. The manufacturing sector rose 0.9% while mining fell slightly, by 0.2%. Compared to the same period a year ago, industrial production for May was up 7.6%.
The news follows other positive economic signals from earlier this week. Yesterday, the Federal Reserve Bank of New York said manufacturing activity in the Empire State rose for the 11th straight month and that the outlook for future conditions remains positive. And on Monday, the monthly United States Manufacturing Technology Consumption Report showed a more than 50% gain in machine tool consumption year-to-date compared with 2009.