P.M. BRIEFING : Autos Give Push as Industrial Output Rebounds 0.6% in May
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WASHINGTON — Industrial production rebounded 0.6% in May from a flat performance a month earlier because of accelerated automobile production, the Federal Reserve said today.
“A rebound from last month’s sharp decline in motor vehicle production accounted for much of the May increase in industrial production,” the central bank’s report said. “Excluding motor vehicles and parts, industrial production increased 0.2% in May and 0.4% in April.”
The Fed also reported the operating rate of the nation’s factories, mines and utilities--which usually move in tandem with industrial production--rose 0.3 of a percentage point to 83.6% in May. The operating rate measures not only output but also changes in productivity levels.
Industrial production has risen each month since January except for April when it was unchanged. The flat April figure was revised from a 0.4% decline first reported last month.
Output was up 0.9% in February and 0.5% in March. It dropped 1% during the first month of 1990.
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