US industrial production speeds ahead in April on increased auto output

Industrial production shot ahead in April as carmakers ramped up amid steady growth in mining, with manufacturing output accelerating to its fastest pace since February 2014.

Total industrial production jumped by 1.0% month-on-month for a year-on-year gain of 2.2%, according to the Federal Reserve.

That was far in excess of the 0.4% rise penciled in by economists.

As a result, America's industrial sector ran at 76.7% of its operating capacity last month, up from 76.1% in March (consensus: 76.3%).

Manufacturing output rose by 1.0% against March (consensus: 0.4%), while that of mining increased by 1.2% and that of utilities by 0.7%.

Production of both durable and non-durable goods increased by 1.0% in April, with improvement in the latter mainly the result of higher levels of output of food, beverage, and tobacco products, for textile and product mills, for printing and support, and for chemicals.

In comparison to a year ago, output in mining was especially strong, clocking in with an advance of 7.3%, although it remained 11.2% below its December 2014 peak, the Federal Reserve said.

Both coal mining and drilling and support activities buoyed the sector in April versus March.