Factory Production Soars 0.7%

Production at the nation’s factories, mines and utilities shot up 0.7% in April, the biggest gain in six months, the government reported today.

The Federal Reserve said the April advance followed increases of 0.4% in January and 0.2% in March and no change at all in February. It was the largest advance since a 1.1% surge last October. Economists had predicted a strong showing based on a pickup in production at auto factories. With the latest improvement, overall industrial production is now 6.4% higher than it was a year ago, a further sign of the resurgence of the U.S. manufacturing sector, which has enjoyed booming export sales because of the decline in the value of the dollar.