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US booms with strong utilities
US industrial production posted its fastest growth in over a year last month, official figures showed yesterday, boosted by surging output at utilities and a rebound in manufacturing. Output grew 1.1 per cent in April, the Federal Reserve revealed, the most since December 2010 and more than twice the 0.4 per cent forecast by economists. The Fed also revised its estimates for prior months, saying production contracted 0.6 per cent in March and expanded 0.4 per cent in February. Previously it said production was flat for both February and March. In April manufacturing output rose 0.6 per cent, bouncing back from a 0.5 per cent decline in March.