Thursday, June 8, 2023

US industrial production grows again driven by the automobile sector

industrial production of USA it grew again in April, 0.5%, after two months of stagnation, and it did so mainly thanks to the drive from the automobile industry, which offset the lower evolution and even decline in other sectors, reported the Federal Reserve (Fed).

If compared to April of last year, the growth of the Industrial production it was only two tenths.

The ability used rose to 79.7%, a percentage that, according to the Fed, is the average for the period for which records are kept (1972-2022).

The estate Durable consumer products improved their production by 4.2%, thanks mainly to the production related to automobiles, which increased by 8.4%. The manufacturing Direct sales of vehicles and their components increased by 9.3%.

In contrast, the production of non-durable consumer goods fell on 0.4% in April. The greatest setback in this group was registered by energy production, which fell 3.1%, followed by the manufacture of clothing, which fell 1.2%.

He Advance of industrial production at the beginning of the second quarter is positive data at a time when we are analyzing how the increases in interest rates approved by the Fed both in the evolution of GDP and employment in the world’s leading economy.

In April, the rate of unemployment in the United States it fell one tenth and stood at 3.4%, according to data published this Friday by the Bureau of Labor Statistics (BLS, in English).

He GDP The United States grew 0.3% quarter-on-quarter from January to March, which meant a slowdown in economic developments, since at the end of 2022 the increase had been 0.6%.

On May 3, the fed announced a new rise in interest rates, of 0.25 points, which places them in a range of between 5% and 5.25%, the highest level since 2007.


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