U.S. Industrial Production Rises More Than Expected In May
June 14 2019 - 5:57AM
RTTF2
Reflecting a substantial rebound in utilities output, the
Federal Reserve released a report on Friday showing U.S. industrial
production rose by more than expected in the month of May.
The Fed said industrial production climbed by 0.4 percent in May
following a revised 0.4 percent decrease in April.
Industrial production had been expected to edge up by 0.2
percent compared to the 0.5 percent drop originally reported for
the previous month.
The bigger than expected rebound in industrial production came
as utilities output surged up by 2.1 percent in May after
plummeting by 3.1 percent in April.
The report said manufacturing output also rose by 0.2 percent in
May after falling by 0.5 percent in April, while mining output
inched up by 0.1 percent following a 2.2 percent nosedive.
Additionally, the Fed said capacity utilization for the
industrial sector crept up to 78.1 percent in May from 77.9 percent
in April. Economists had expected capacity utilization to tick up
to 78.0 percent.
Capacity utilization in the utilities sector climbed to 77.5
percent and capacity utilization in the manufacturing sector inched
up to 75.7 percent, while capacity utilization in the mining sector
dipped to 91.3 percent.
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