US factory output fell 0.4 percent in May; mining jumps

US Industrial Production Unchanged Amid Drop In Manufacturing Output

US Industrial Production Unchanged Amid Drop In Manufacturing Output

Workers build bed frames at the Hollywood Bed Frame Company factory in Commerce, California.

With a drop in manufacturing output offsetting increases in mining and utilities output, the Federal Reserve released a report on Thursday showing that USA industrial production was unchanged in the month of May.

Industrial production remained unchanged in May after a revised 1.1% April increase, according to the Federal Reserve.

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Capacity use edged lower to 76.6 for May from 76.7 the previous month as manufacturing capacity use decline to 75.5% from 75.8% in April.

Analysts had expected factory output to rise a modest 0.1 percent.

Within the key manufacturing sector which represents more than 70 per cent of the Industrial Production index, "Almost all major industry groups within durables posted declines", the report said. Excluding autos, manufacturing was down 0.2% in the month.

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Oil and gas production rose 3.8 per cent from April, far slower than the increases seen in the prior three months. Manufacturing output declined 0.4 percent in May; the index is little changed, on net, since February.

Mining output jumped 1.6% in May. Even so, output in May was still 10.0 percent below its peak in December 2014.

Utilities output rose 0.4% in May, for the third straight monthly gain. At 105.0 percent of its 2012 average, total industrial production in May was 2.2 percent above its year-earlier level. Capacity utilization had been expected to come in unchanged.

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