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Updated:
6/16/2010 10:30:00 AM
Industrial Production Takes Biggest Gain Since August
Industrial production rose 1.2% in May, marking the biggest gain in nine months, led by automobiles and utilities, the Federal Reserve said Wednesday.
The increase followed a revised 0.7% increase in April, which had originally been reported as a 0.8% rise. It was the biggest gain since August.
Factories — the single biggest contributor to industrial activity — improved production 0.9%, the third straight increase, the Associated Press reported.
The production increase topped economists’ forecasts of a 0.9% increase, Bloomberg reported.
The share of industrial capacity in use rose to 74.7% from 73.7% in April.
Manufacturing accounts for about an eighth of the U.S. economy and the factory sector is one of trucking’s largest and most important customers.
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