Keeping you up to date on the latest data releases.
- Industrial Production
Industrial production rose 0.1 percent (nonannualized) in May, following a decrease of 0.5 percent in April. The near-term trend (three-month annualized percent change) has slowed to −0.8 percent from 5.9 in January. On a year-over-year basis, overall production is up 1.7 percent. Manufacturing production also rose, increasing 0.1 percent for the month while the year-over-year growth rate rests at 1.7 percent. Breaking down the manufacturing sector, durable goods and nondurable goods production increased 0.2 percent and 0.1 percent, respectively in May. Within durable goods manufacturing, computers and electronic products and wood products posted the largest gains, both increasing 1.1 percent. Elsewhere within durable goods production, primary metals along with furniture and related products each declined 1.0 percent. Overall capacity utilization fell 0.1 percentage points to 77.6 percent of capacity which is roughly where it has been since January 2012. Current readings are now 2.6 percentage points below its long run average.