Updated: 17-Jun-22 09:39 ET
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Updated: 17-Jun-22 09:39 ET |
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Highlights
- Total industrial production increased 0.2% month-over-month in May (Briefing.com consensus 0.5%) following an upwardly revised 1.4% increase (from 1.1%) in April.
- The capacity utilization rate increased to 79.0% (Briefing.com consensus 79.3%) from a downwardly revised 78.9% (from 79.0%) in April.
Key Factors
- Manufacturing output decreased 0.1% after increasing 0.8% in April. Motor vehicle assemblies increased 2.0% month-over-month to a seasonally adjusted annual rate of 10.72 million units.
- Mining production rose 1.3% after increasing 1.1% in April.
- The output of utilities jumped 1.1% after increasing 5.5% in April.
- Total industrial production was up 5.8% yr/yr. The capacity utilization rate of 79.0% was 0.5 percentage points below its long-run average.
Big Picture
- The key takeaway from the report is the dip in manufacturing output. That dip, however, followed three months where growth averaged nearly 1.0%, so it is too soon to say if the dip in May is a sign of true weakness or a natural moderation following an extended period of solid growth.
Category |
MAY |
APR |
MAR |
FEB |
JAN |
Industrial Production |
|
|
|
|
|
Total Index |
0.2% |
1.4% |
0.5% |
1.0% |
0.8% |
Manufacturing |
-0.1% |
0.8% |
0.8% |
1.3% |
-0.1% |
Utilities |
1.0% |
5.5% |
-4.7% |
0.0% |
7.4% |
Mining |
1.3% |
1.1% |
3.2% |
0.2% |
0.3% |
Capacity Utilization |
|
|
|
|
|
Total Industry |
79.0% |
78.9% |
77.9% |
77.6% |
76.9% |
Manufacturing |
79.1% |
79.2% |
78.6% |
78.0% |
77.0% |