US manufacturing on the rise

31-08-2010
US manufacturing on the rise

 

US industrial production rose more than expected last month – another clear sign US manufacturing is on the rebound.

Output at factories, mines and utilities climbed 0.7 percent, according to data from the Federal Reserve in Washington.

Economists polled by Reuters had expected industrial output to rise 0.4 percent.

Manufacturing output rose 0.8 percent during the month, bouncing back from a decline in January.

“It looks like a pretty good quarter for manufacturing,” said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York.

“Capital goods are doing well, autos came back a little bit and there’s strength in consumer goods. It’s looked pretty broad- based.”

General Motors Co (GM) and Ford Motor Co expect vehicle sales – on pace for the best year since 2007 – will remain resilient.

Cars and light trucks sold at a 15.3 million annual rate in February after 15.2 million a month earlier, according to data from Ward’s Automotive Group.

And retail sales increased 1.1 percent in February, according to latest Commerce Department figures.

RELATED NEWS

  1. ARBS 2022, Australia’s only international air conditioning refrigeration and building services trade exhibition returns to Melbourne in August. It will showcase the most extensive range of HVAC&R and building services solutions in the southern hemisphere.
    Over 200 exhibitors will showcase their...
  2. Ryan Whitside who has over 20 years of mechanical engineering experience is the new Hydraulink franchisee in Welshpool. The business is in the main industrial areas of inner south-eastern Perth, which is home to many companies that supply industries such as mining, construction, materials handling...
  3. The triennial Queensland industry event for the food and beverage industry, FoodTech Qld, is changing in 2022, with it relocating to Gold Coast on Thursday 7 and Friday 8 July at the Gold Coast Convention & Exhibition Centre.
    Post COVID-19, the next phase of food in Australia is full of...