U.S. industrial production increased in 0.6% in March, the Federal Reserve said Friday.

Although that outpaced economists' estimates for a 0.5% gain, the Fed revised February¿s growth rate lower -- to 0.5% from an earlier estimate of 0.7%.

The closely watched economic indicator measures the change in production at the nation¿s factories, mines and utilities.

The Fed also said capacity utilization, which measures the percentage of industrial capacity that companies use, was 81.3% in March, shy of economists' forecast of 81.4%. The Fed revised February¿s reading lower, to 81.0% from a previous estimate of 81.2%.

U.S. markets were closed Friday in observance of Good Friday.