Updated: 17-Jul-24 09:48 ET
| June Industrial Production |
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| Updated: 17-Jul-24 09:48 ET |
Highlights
- Total industrial production increased 0.6% month-over-month in June (Briefing.com consensus 0.3%) following an upwardly revised 0.9% increase (from 0.7%) in May.
- The capacity utilization rate jumped to 78.8% (Briefing.com consensus 78.6%) from an upwardly revised 78.3% (from 78.2%) in May.
- Total industrial production was up 1.6% yr/yr while the capacity utilization rate was 0.9 percentage point below its long-run average.
Key Factors
- Manufacturing output increased 0.4% following an upwardly revised 1.0% increase (from 0.6%) in May. Durable manufacturing was unchanged while the index for nondurable output jumped 0.8%. Manufacturing capacity utilization rose to 77.9% from an upwardly revised 77.6% (from 77.3%) in May.
- Mining production increased 0.3% after declining 0.7% in May. Mining capacity utilization rose to 89.3% from 89.0%.
- The output of utilities increased 2.8% on the heels of a 1.9% increase in May. Utilities capacity utilization increased to 73.8% from 72.0%.
Big Picture
- The key takeaway from the report was the continued increase in manufacturing output, which fits with an economy that isn't pacing for a hard landing.
| Category | JUN | MAY | APR | MAR | FEB |
| Industrial Production | |||||
| Total Index | 0.6% | 0.9% | 0.0% | -0.2% | 1.1% |
| Manufacturing | 0.4% | 1.0% | -0.5% | 0.2% | 1.3% |
| Utilities | 2.8% | 1.9% | 3.6% | -2.4% | -3.6% |
| Mining | 0.3% | -0.7% | 0.2% | -0.5% | 4.3% |
| Capacity Utilization | |||||
| Total Industry | 78.8% | 78.3% | 77.7% | 77.8% | 78.0% |
| Manufacturing | 77.9% | 77.6% | 76.9% | 77.4% | 77.3% |
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