Notizie economiche
18.06.2024

U.S. industrial production increases more than anticipated in May

The data issued by the Federal Reserve on Tuesday showed that the U.S. industrial production increased 0.9 per cent m-o-m in May, following an unrevised flat m-o-m performance in April. This marked the strongest monthly gain in industrial production since July 2023 (+0.9 per cent m-o-m).

Economists had anticipated industrial production would advance 0.3 per cent m-o-m in May.

According to the report, the May jump in total industrial production reflected increases in output in all three major industry groups - utilities (+1.6 per cent m-o-m), manufacturing (+0.9 per cent m-o-m) and mining (+0.3 per cent m-o-m).

Meanwhile, capacity utilization for the industrial sector rose 0.5 percentage point m-o-m to 78.7 per cent in May from a downwardly revised 78.2 per cent (from 78.4 per cent) in April. That was 0.1 percentage point above economists’ forecast of 78.6 per cent but 0.9 percentage point below its long-run (1972-2023) average.

In y-o-y terms, the industrial output grew 0.4 per cent in May, following a downwardly revised 0.7 per cent drop (from -0.4 per cent) in the previous month. This represented the first annual advance in U.S. industrial production since December 2023 (+1.1 per cent).

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