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Mining boosts industrial production in March

Mining boosts industrial production in March

Posted by Liliana Castaño on April 16, 2014

Industrial production grew more than forecast in March, and February’s data were revised higher to show the biggest monthly advance since May 2010.

Industrial production grew 0.7%, topping the 0.5% seen in a MarketWatch-compiled economic forecast, and February’s gain was revised to 1.2% from an initially reported 0.7%. The gains mean that production grew an annualized 4.4% in the first quarter, just slower than the 4.8% in the fourth quarter.

That’s much better than the rest of the economy — the consensus is for first-quarter gross domestic product growth of just 1.3%, compared with 2.6% in the fourth quarter.

In March, manufacturing output grew 0.5%, mining output rose 1.5% and utilities output gained 1%.

For the quarter as a whole, manufacturing output rose an annualized 1.5%, while mining output gained 9.6% and utilities output surged 17.9%. Utilities benefited from the need to stay warm during the unusually frigid winter.

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