The data released
by the Federal Reserve on Wednesday showed that the U.S. industrial production rose
by 0.6 per cent m-o-m in June, following
an upwardly revised 0.9 per cent m-o-m climb m-o-m (from +0.7 per cent m-o-m) in May.
Economists had expected
industrial production would increase 0.3 per cent m-o-m in June.
According to
the report, the June advance in total industrial production reflected increases in output in all three major
industry groups - utilities (+2.8 per cent m-o-m), manufacturing production
(+0.4 per cent m-o-m) and mining output (+0.3 per cent m-o-m).
Meanwhile,
capacity utilization for the industrial sector increased 0.5 percentage point
m-o-m to 78.8 per cent in June from an upwardly revised 78.3 per cent (from 78.2 per
cent) in May. That was 0.4 percentage point above economists’ prediction of 78.46 per cent but 0.9 percentage
point below its long-run (1972-2023)
average.
In y-o-y terms,
the industrial output jumped 1.6
per cent in June, following an upwardly revised 0.3 per cent gain (from +0.1 per cent) in the previous
month. This represented the strongest annual rise since November
2022 (+1.8 per cent).
For the second
quarter as a whole, the U.S. total industrial production grew by 4.3 per cent
y-o-y.