WASHINGTON, D.C. – US factory output was flat in April, missing analyst expectations of a third straight monthly increase, according to Federal Reserve (Fed) data released on Thursday.
WASHINGTON, D.C. – US factory output was flat in April , missing analyst expectations of a third straight monthly increase, according to Federal Reserve data released on Thursday. Industrial production was steady last month, cooling from a revised 0.1-percent uptick in March, the Fed said in a report.Analysts have been looking toward a gradual recovery in the manufacturing sector, but the latest report did not provide such reassurances.Manufacturing output dropped 0.
6 percent, while that of utilities rose 2.8 percent.The manufacturing sector has been squeezed by rapid interest rate hikes by the Fed in recent years, with the US central bank holding rates at a high level now to combat inflation.Compared with April 2023, overall factory output was 0.4 percent lower, according to the latest data.
Industrial Production Flat In April
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