US industrial production shoots past forecasts in May, capacity use jumps

18th Jun 2024 13:57

(Sharecast News) - Industrial production in the States shot higher last month on the back of increased levels of output in manufacturing and from utilities.

According to the Department of Commerce, industrial production was ahead by 0.9% in May in month-on-month terms.

Economists had pencilled in a rise of 0.3%.

Factory output was 0.9% higher and that from utilities by 1.6%.

From among the major market groups, production of consumer goods was strongest, jumping by 1.3%.

Materials output meanwhile was up by 0.8%.

The degree of capacity utilisation meanwhile jumped by five tenths of a percentage point to 78.7%.

Commerce reported rises among all categories of consumer goods, save home electronics.

Business equipment production was up just 0.2% due to a drop in the transit category.

Defence and space equipment assemblies on the other hand jumped 1.0% and were 10% ahead of their year earlier level.

Within materials, output of non-energy durables and non-energy nondurables both saw gains of approximately 1%.