Economic Buzz: US Industrial Production Sees Modest Increase In March

The US Federal Reserve released a report on Tuesday showing a steady increase in US industrial production in the month of March. The report said industrial production edged up by 0.5% in March after surging up by a revised 1% in February. The increase in production was partly due to the rebound in utilities output, which spiked by 3% in March after crashing by 5% percent in February amid warmer-than-normal temperatures. Mining output also spurt 1% in March after soaring by 2.9%in February. The Fed said manufacturing output inched up by just 0.1% in March following the 1.5% gain seen in the previous month.