Monday, June 15, 2015

Industrial Production Declines Again in May

Industrial production decreased 0.2% in May—the sixth consecutive month without a gain in the index. April’s reading was revised downward to 0.5%, but the rates for previous months were revised higher.

Manufacturing output fell by 0.2%, down from a gain of 0.1% in April. Mining output fell 0.3%, an improvement after declining more than 1% per month, on average, over the previous 4 months. Output of utilities rose by 0.2% in May, 1.4% higher than a year ago.

Capacity utilization for the total industry was 78.1%, down 2 basis points from April’s revised estimate, and 2 percentage points below the 1972-2014 average.

Final products declined by 0.3% — largely from declines in consumer goods, as business equipment registered production gains. Nonindustrial supplies were flat in May, but up 2.2% from last May. The index for materials declined 0.1% due to drops in production for non-energy related goods.

Read the Federal Reserve release.

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