The Federal Reserve announced that total industrial production in the U.S. advanced 0.9% in March and rose at an annual rate of 8.1% for the first quarter.
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Manufacturing output gained 0.9% in March; the output of motor vehicles and parts jumped 7.8%, while factory output elsewhere moved up 0.4%. At 104.6% of its 2017 average, total industrial production in March was up 5.5% compared to its year-earlier level.
Capacity utilization climbed to 78.3% in March, 1.2 percentage points below its long-run average from 1972 to 2021.
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