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- U.S. industrial production increases more than forecast in June
U.S. industrial production increases more than forecast in June
The Federal
Reserve reported on Wednesday the U.S. industrial production rose 5.4 m-o-m in June,
following an unrevised 1.4 percent m-o-m advance in May.
Economists had
forecast industrial production would increase 4.3 percent m-o-m in June.
According to
the report, manufacturing output climbed 7.2 percent m-o-m in June, as all
major industries posted advances, with the largest gain registered by motor
vehicles and parts (+105.0 percent m-o-m). Meanwhile, the output of utilities rose
4.2 percent m-o-m in June and mining production fell 2.9 percent m-o-m.
Capacity
utilization for the industrial sector increased 3.5 percentage points m-o-m to 68.6
percent in June. That was 0.9 percentage points above economists’ forecast but 11.2
percentage points below its long-run (1972-2019) average.
In y-o-y terms,
the industrial output fell 10.8 percent in June, following a revised 15.4 percent
decrease in the prior month (originally a 15.3 percent drop).
For the second
quarter as a whole, the industrial production plunged 42.6 percent y-o-y, its
largest quarterly decline since the industrial sector retrenched after World
War II.
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