US industrial output rose a modest 0.7% in April


In this Oct. 29, 2020 file photo, worker Javad Memarzadeh, of Needham, Mass., right, dusts washers on a display, at a Home Depot location, in Boston. Orders for big-ticket manufactured goods rebounded 0.5% in March as U.S. factories recovered from frigid February weather disruptions. (AP Photo/Steven Senne, File)

WASHINGTON (AP) — U.S. industrial production increased for a second straight month in April as more factories came online after being shutdown by winter ice storms.

Industrial production — which includes output at factories, mines and utilities — rose 0.7% last month, down from a sharp gain of 2.4% in March, the Federal Reserve reported Friday.

Manufacturing output rose 0.4%, even as a shortage of semiconductor chips caused auto production to fall. The manufacturing of machinery, steel and other metals, and chemicals rose.

Utility production climbed 2.6%, after a sharp drop in March. And mines lifted production 0.7% last month.

The U.S. economy is expanding at a healthy clip as consumers become more confident and states and cities relax restrictions on businesses. Growth was 6.4% at an annual rate in the first three months of the year and economists forecast the expansion could accelerate to a double-digit pace in the April-June quarter.

Still, there are signs that Americans are switching their spending away from goods to services, as restaurants, movies, and other entertainment venues open up. Retail sales for April were flat, according to a separate report Friday, though sales at restaurants and bars rose 3%.

Should you invest $1,000 in Citigroup right now?

Before you consider Citigroup, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Citigroup wasn't on the list.

While Citigroup currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

These 7 Stocks Will Be Magnificent in 2024 Cover

With average gains of 150% since the start of 2023, now is the time to give these stocks a look and pump up your 2024 portfolio.

Get This Free Report

Featured Articles and Offers

Meteoric Rise of Chipotle Mexican Grill Stock is Not Over

Meteoric Rise of Chipotle Mexican Grill Stock is Not Over

The price action in Chipotle Mexican Grill NYSE: CMG has been smoking hot, and it is not over yet. The 1100% gain posted since 2017 is the tip of the iceberg for this fast-growing, fast-casual restaur

Search Headlines: