Keeping you up to date on the latest data releases.
The industrial production index edged down 0.1 percent in May following a 1.0 percent gain in April. From this time last year, it is up 4.7 percent. The near-term trend (three-month annualized growth) of industrial production has fallen to 1.3 percent from 3.5 percent. Construction had the sharpest monthly decline, falling 1.2 percent after a 0.7 percent increase in April, but it remains up 5.1 percent on a year-over-year basis. Over the past 12 months, business equipment has seen the strongest gains. It is up 11.3 percent, with sizable improvements in all three of its major categories: transit, information processing, and industrial/other. Manufacturing fell 0.4 percent in May after having advanced 0.7 percent in April. Breaking down the monthly manufacturing sector, durable and nondurable goods fell 0.5 percent and 0.2 percent, respectively. Durable goods industries with declines of more than 1 percent include: nonmetallic mineral products, primary metals, motor vehicles and parts, and furniture and related products. Wood products showed the largest gain of durable goods, increasing 1.0 percent. Overall capacity utilization declined 0.2 percent to 79.0 percent of capacity, still 1.3 percentage points below its historic average.