Industrial Production Experiences Largest Gain in 4 MonthsApr 03, 2018
February was a great month for manufacturing as industrial production saw its largest gain in four months.
- Industrial production increased 1.17 percent in February from the prior month.
- Production in the manufacturing sector rose 1.2 percent, including a 1 percent raise in production of business equipment and 2.8 percent gain in output of durable consumer goods, like motor vehicles.
- Foreign economics are showing solid growth compared to recent quarters due to the associated demand for U.S. exports.
- Mining output jumped 4.3 percent.
- Utility output dropped 4. Percent due to reduced demand for heating.
- U.S businesses have picked up their capital expenditures over the past year, including spending on new machines and other equipment.
Advanced Machine & Engineering (AME) is expanding its facilities to keep up with the growing demand in manufacturing goods, including parts for custom fixturing, tombstones, and workholding components, as well as part for backup power generators.
Dietmar Goellner, AME president and CEO, stated that the expansion plans predated the tax law, but the bill boosted his confidence in the economy’s trajectory.
“We’re very optimistic that the legislation that has passed is only going to fuel rapid growth,” said Goellner. “All boats rise with the tide.”