Keeping you up to date on the latest data releases.
- Industrial Production
Industrial production continued to expand in May, rising at an annualized rate of 16.0 percent following an 8.7 percent gain in April. Over the past year, industrial production is up a whopping 7.6 percent, its highest growth rate since January 1998. While some of the overall gain came as utilities usage jumped up 4.8 percent on a warmer than unusual May (increasing air conditioning usage), the manufacturing sector continued to post healthy gains. Manufacturing output jumped up 11.2 percent in May, mostly on strength in durables production, nearly matching April’s gain, and is now trending at an annualized rate of 12.7 percent over the last three months. Over the past year, manufacturing production is up 7.9 percent, its highest growth rate in 12 years. Elsewhere, mining output dipped down slightly in May, falling 1.9 percent, though this came after a four-month string of double-digit increases that has left its 12-month growth rate up 9.6 percent. Capacity utilization continued to improve in May, rising 1.0 percentage point to 74.7 percent, and has now climbed about half-way back to its level of 80.6 at the start of the recession.