By Sahid Fawaz
Things are looking good for American companies.
The factories are working feverishly to satisfy demand, leading to greater output.
"Industrial production in April grew at the fastest monthly rate in more than three years, on the back of broad-based gains in the manufacturing sector.
The Federal Reserve said Tuesday that industrial production grew 1% in April, topping the MarketWatch-compiled economist consensus for 0.5% growth. This is the fastest pace of growth since February 2014.
March’s increase was revised down slightly to a 0.4% rise from an initially reported 0.5% gain. But industrial output has been up for three straight months.
Compared with a year ago, production was up 2.2%.
Manufacturing was hurt by the strong dollar in 2015 and 2016 but business investment has picked up this year.
Economists said the factory sector is off to a strong start in the second quarter, which is welcome as consumers are still not spending. Manufacturing began the quarter up an impressive 4.8% at an annual rate from the first quarter average, said Jim O’Sullivan, chief U.S. economist at High Frequency Economics."
For more on this development, check out the full article here.