U.S. factory production surged at its best pace in more than a year, according to new Federal Reserve data published on May 15.
In April, industrial production jumped 0.7 percent, following an upwardly adjusted 0.3 percent decline in the previous month, the U.S. central bank said.
Manufacturing output, which accounts for three-quarters of industrial production, rose 0.6 percent.
Both readings topped economists’ expectations.
Despite the war in Iran lifting energy prices and raising input costs for U.S. firms, the latest data reaffirm the underlying strength of the country’s manufacturing sector.
After anemic growth over the last few years, America’s manufacturing base is experiencing a revival. Various industry surveys show renewed factory activity as the artificial intelligence (AI) boom powers business investment….