US industrial output posts fresh declines in May
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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