Friday, May 14, 2004
Output from U.S. mines, utilities and manufacturers rose in April to 76.9 percent capacity, the government reported Friday, coming in above economists' estimates. The April reading is the highest level since July 2001.
Economists, on average, expected production to rise 0.5 percent and capacity use of 76.7 percent, according to Briefing.com. Industrial production gained 0.8 percent last month, the Federal Reserve reported, after falling a revised 0.1 percent in March.
The report on the manufacturing sector will likely heighten the anticipation that the Fed will raise interest rates at its next meeting in late June, as factories head toward full capacity, employment picks up and inflation creeps back into the world's largest economy.
By: DocMemory
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