US factory output rebounded in May after April dip

Source: AP-EXCITE

By CHRISTOPHER S. RUGABER

WASHINGTON (AP) — U.S. manufacturing output rose in May at a solid pace, boosting hopes that the economy is expanding briskly after a dismal first three months of the year.

Americans, buoyed by steady job gains, are buying more cars, while businesses are ordering more machinery and other equipment. Those trends are fueling factory production and driving growth.

Factory output rose 0.6 percent in May after dipping 0.1 percent the previous month, the Federal Reserve said Monday. April's figure was revised upward from an initial estimate of a 0.4 percent decline.

Overall industrial production, which includes manufacturing, mining and utilities, also rose 0.6 percent in May. It had fallen 0.3 percent in April.

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Read more: http://apnews.excite.com/article/20140616/us-industrial-production-4db6a0b210.html

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In this March 26, 2014 photo, Jerry Drury installs parts on a truck engine assembly line at Volvo Trucks' powertrain manufacturing facility in Hagerstown, Md. The Federal Reserve releases industrial production figures for May on Monday, June 16, 2014. (AP Photo/Patrick Semansky)