Updated: 17-Jun-22 09:39 ET
| May Industrial Production |
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| Updated: 17-Jun-22 09:39 ET |
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% |
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