Industrial Production in U.S. Increased 1.2% in May

Production in the U.S. rose in May by the most since August, led by increases in automobiles and utilities and showing manufacturers are weathering the effects of the European debt crisis.

Output at factories, mines and utilities increased 1.2 percent last month after a 0.7 percent gain in April, figures from the Federal Reserve in Washington showed today. Plant use increased to the highest level since October 2008.

Manufacturers are leading the recovery from the worst recession since the 1930s as they replenish inventories, sell more goods abroad and invest in new equipment. A lack of inflation means the Fed has scope to keep the target interest rate near zero in coming months to maintain growth.

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- Posted: 2010-06-16 10:11:40

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