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- U.S. industrial output rises more than forecast in May
U.S. industrial output rises more than forecast in May
The Federal
Reserve reported on Friday that the U.S. industrial production jumped 0.4
percent m-o-m in May, following a revised 0.4 percent m-o-m decrease in April (originally
a 0.5 percent m-o-m drop). That was the biggest gain in industrial production
since November 2018.
Economists had
forecast industrial production would increase 0.2 percent m-o-m in May.
According to
the report, the index for utilities climbed 2.1 percent m-o-m in May, while the
indexes for manufacturing and mining gained 0.2 percent m-o-m and 0.1 percent
m-o-m, respectively.
Capacity
utilization for the industrial sector increased 0.2 percentage point m-o-m in May
to 78.1 percent. That was 0.1 percentage point above economists’ forecast but
1.7 percentage points below its long-run (1972–2018) average.
In y-o-y terms,
the industrial output rose 2.0 percent in May, following an unrevised 0.9
percent advance in the prior month.
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