Economic Buzz: US Industrial Output Rises At Steady Clip

A report released by the Federal Reserve on Wednesday showed industrial production in the U.S. increased by slightly more than anticipated in the month of April. The Fed said industrial production rose by 0.7% in April, matching the upwardly revised increase in March. The bigger than expected increase in production was partly due to another jump in utilities output, which surged up by 1.9% in April after spiking by 6.1% in March. Mining output also jumped by 1.1% in April after rising by 0.8% in March, while manufacturing output rose by 0.5% after coming in unchanged in the previous month.