Updated: 15-Jun-21 09:58 ET
| May Industrial Production |
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| Updated: 15-Jun-21 09:58 ET |
Highlights
- Total industrial production increased 0.8% in May (Briefing.com consensus 0.7%) after a downwardly revised 0.1% uptick in April (from 0.7%).
- The capacity utilization rate increased to 75.2% (Briefing.com consensus 75.1%) from a downwardly revised 74.6% in April (from 74.9%).
Key Factors
- Manufacturing output increased 0.9% after a downwardly revised 0.1% decrease (from +0.4%) in April. Excluding the motor vehicle sector, factory output increased 0.5%.
- Motor vehicle assemblies increased 11.6% month-over-month to a seasonally adjusted annual rate of 9.85 million units.
- Mining production increased 1.2% after decreasing 0.4% in April.
- The output of utilities rose 0.2% after rising 1.9% in April.
Big Picture
- The key takeaway from the report is that it showed a rebound in motor vehicle assemblies, which is an encouraging sign about a sector that has been significantly impacted by the semiconductor shortage.
- Total industrial production was up 16.3% yr/yr, but still 1.4% below its pre-pandemic (February 2020) level. The capacity utilization rate of 75.2% is 4.4 percentage points below its long-run average.
| Category | MAY | APR | MAR | FEB | JAN |
| Industrial Production | |||||
| Total Index | 0.8% | 0.1% | 2.6% | -2.9% | 1.1% |
| Manufacturing | 0.9% | -0.1% | 3.1% | -3.6% | 1.4% |
| Utilities | 0.2% | 1.9% | -8.8% | 7.7% | -2.6% |
| Mining | 1.2% | -0.4% | 11.9% | -8.7% | 2.9% |
| Capacity Utilization | |||||
| Total Industry | 75.2% | 74.6% | 74.6% | 72.7% | 74.9% |
| Manufacturing | 75.6% | 74.9% | 75.0% | 72.8% | 75.5% |
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