Press Release (ePRNews.com) - TAIPEI CITY, Taiwan - Jun 28, 2018 - Burton Mills economists say manufacturing productivity increased 0.5 percent in April according to a report by the Federal Reserve on productivity across the industrial sector which is comprised of mining, electric, gas, and manufacturing.
Burton Mills economists had predicted an increase of 0.5 percent in manufacturing output but according to new estimates by the Federal Reserve, output in previous months, between November and March, may have been less than was originally estimated.
According to the data released by the Federal Reserve last week, overall industrial output increased by 0.7 percent last month and output for the four months was downwardly revised including a significantly reduced estimate for February.
Burton Mills economists say that while the gain in factory output was boosted by a 2.3 percent gain in machinery production, a full in the manufacturing of metals goods hurt the sector’s data.
The report from the Federal Reserve comes after the results of an earlier factory survey revealed a decline in US factory activity with manufacturers stating that an increase in commodities prices was hurting their businesses. Burton Mills economists commented that Trump’s decision to impose hefty tariffs on metals imports had pushed up prices of steel and aluminum.
Burton Mills economists stated that there is a growing concern across the country regarding the metals tariffs, however, Federal Reserve Chairman stated that it was still too soon to judge how the tariffs will impact on the United States economy in the long term.
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