Growth of U.S. Industrial Production Supported by the Automotive Sector

U.S. factory output increased in April, driven by a rise in automotive production, despite manufacturing constraints due to high interest rates. The Federal Reserve indicated today, Tuesday, that the manufacturing sector's output grew by one percent last month. Economists had expected factory output to rise by 0.1%. Year-on-year production declined by 0.9% in April. Automotive production surged by 9.3% last month after a drop of 1.9% in March. Additionally, industrial production increased by 0.4% after a decrease of 0.7% in March.