(CercleFinance.com) – Industrial production rose slightly in the United States in May, as the strength of the energy sector was partially offset by the difficulties in manufacturing activity.
Industrial production rose 0.2% last month after rising 1.4% in April, according to figures released Friday by the Federal Reserve.
Economists on average were forecasting a 0.5% gain in May.
On an annual basis, industrial production rose by 5.8%.
While energy production benefited from the unusually hot weather for the season, which generates significant air conditioning needs, the manufacturing sector (-0.1%) continues to suffer from supply difficulties.
The capacity utilization rate – another closely watched industry metric – meanwhile rose to 79%, from 78.9% the previous month and an average of 79.5% over the period 1972-2021.
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