Monday, July 28th25.2°C
21452
22156

US manufacturing production up 0.5 pct. in March, led by furniture, clothing and aircraft

WASHINGTON - U.S. factory output rose further last month, extending strong growth from February after harsh weather had caused production to tumble in January. Manufacturers produced more furniture, clothing, chemicals and aerospace products.

The Federal Reserve said Wednesday that factory production rose 0.5 per cent in March after a revised 1.4 per cent surge in February. Manufacturing output has climbed a solid 2.8 per cent over the past 12 months.

Higher factory output is a sign of greater demand by businesses and consumers. The gains over the past two months point to a rebound after a winter slowdown in January and December stalled growth across the economy.

"The U.S. economy is now showing its true colours after the weakness triggered by the bleakest of winters," said Paul Dales, senior U.S. economist at Capital Economics. "There is scope for production to rise rapidly in the coming months, too."

Overall industrial production, which includes manufacturing, mining and utilities, rose 0.7 per cent in March. In February, industrial production had expanded 1.2 per cent.

Other recent manufacturing indicators have been mixed. They have signalled greater demand heading into spring and summer but not increased hiring.

Manufacturers expanded at a slightly faster pace in March than in February, according to an index released this month by the Institute for Supply Management, a group of purchasing managers. The ISM manufacturing index rose to 53.7 from 53.2 in February. Readings above 50 indicate expansion.

Orders for factories increased, but manufacturers hired at their slowest pace in nine months, according to the index.

The Labor Department's employment report found that factories shed 1,000 jobs in March. The losses came primarily from producers of processed food, clothing, textiles and paper products. Those declines were partly offset by gains for manufacturers of machinery, furniture and primary metals.

Factory orders rose 1.6 per cent in February, the most in five months, according to the Commerce Department. But much of the increase in orders came from the volatile aircraft sector. By contrast, demand for core capital goods, considered a barometer of business investment plans, fell 1.4 per cent in February, the second decline in three months.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15444.71-10.33
S&P CDNX1013.81-3.63
DJIA16982.8222.25
Nasdaq4447.882-1.682
S&P 5001979.43+1.09
CDN Dollar0.9255+0.0008
Gold1305.20+2.10
Oil101.91-0.18
Lumber323.20-2.30
Natural Gas3.754-0.027

 
Okanagan Companies
Pacific Safety0.195+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.150.00
Cantex0.065-0.005
Anavex Life Sciences0.26-0.015
Metalex Ventures0.08+0.01
Russel Metals35.33-0.03
Copper Mountain Mining2.875+0.055
Colorado Resources0.22+0.01
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.02-0.03
Mission Ready Services0.19+0.01

 





FEATURED Property
1511262520 Caramillo Court
5 bedrooms 6 baths
$895,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...

_








Member of BC Press Council


22097