March Industrial Production Gains 0.3%

roduction at U.S. factories, mines and utilities rose 0.3% in March, though overall manufacturing dropped for the first time in seven months, the Federal Reserve said Friday.

The gain, which followed a revised 0.2% rise in February, matched economists’ projections, Bloomberg reported.

Manufacturing, which accounts for almost 90% of industrial production, dropped 0.1%, the first drop since September, for a third straight month, the Fed said. The factory sector is one of trucking’s largest and most important customers.

The Fed said business equipment production, including transportation and information processing equipment, rose 0.2%, following a 0.1% increase. Home electronics production dropped 1.9%, following an 8.3% rise.

Production of consumer goods, including automobiles, fell 0.1% after rising 0.5% in February. Automotive product production dropped 3.6% after a 6.3% jump in February.

Mining output, including oil extraction, increased 0.7% in March after a 0.4% rise the previous month, the Fed reported.