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US industrial production edges past forecasts in May

By Alexander Bueso

Date: Friday 14 Jun 2019

US industrial production edges past forecasts in May

(Sharecast News) - US industrial production rose more quickly than expected last month, led by a jump in utilities output.
According to the Department of Commerce, total industrial output increased at a 0.4% month-on-month clip in May, rising by 2.0% year-on-year.

Economists had penciled-in a rise of just 0.2%, however, readings for the previous three months were all revised a tad lower.

The rate of industrial capacity use increased from 77.9% for April to 78.1% in May (consensus: 78.0%).

By major industry groups, utilities\' output grew by 2.1% versus the previous month, that of manufacturing by 0.2% and that of mining by 0.1%.

Increased manufacturing production followed four consecutive monthly drops of 0.4% on average.

Output of consumer durables was especially strong, on the back of 2.0% jump in the output of consumer durables, led by that of autombiles and parts.

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