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.