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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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