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US industrial output posts fresh declines in May

by ChemOrbis Editorial Team -
  • 16/06/2015 (09:50)
According to data released by the US Federal Reserve, the country’s industrial output fell for a sixth consecutive month in May. Industrial production in the US declined 0.2% in May following a downwardly revised drop of 0.5% in the previous month. Economists’ initial estimates, however, called for an increase of 0.2%. On a yearly basis, the country’s factory output rose 1.4% in May from a year earlier.

The unexpected decrease in May’s industrial output figure was attributed to ongoing decreases in mining output, which edged lower by 0.3% in May after declining 1.3% in April. The report showed that manufacturing output was also down 0.2% in May after posting an increase of 0.1% in April. However, utilities output climbed 0.2% after plunging 3.7% in the preceding month.

Meanwhile, the report also revealed that the country’s capacity utilization rate declined to 78.1% in May from 78.3% in the previous month, missing economists’ initial estimates, which called for an increase to 78.4%. Capacity utilization for manufacturing and mining was down to 77% and 83.3%, respectively, while it rose to 80% in the utilities sector.
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