BREAKING: US Industrial Production above expectations 📣

02:15 PM BST, United States - Industrial Production for May:

• Industrial Production: previous -0.38% YoY;
• Industrial Production: actual 0.9% MoM; forecast 0.3% MoM; previous 0.0% MoM;

02:15 PM BST, United States - Capacity Utilization Rate for May:

• actual 78.7%; forecast 78.6%; previous 78.2%;

02:15 PM BST, United States - Manufacturing Production for May:

• actual 0.9% MoM; forecast 0.3% MoM; previous -0.4% MoM;

In May, industrial production rose by 0.9%, with manufacturing output also increasing by 0.9% after previous declines. Mining and utilities indices saw gains of 0.3% and 1.6%, respectively. Capacity utilization increased to 78.7%, still below the long-term average. Market groups showed widespread gains, particularly in consumer goods and defense equipment, while business equipment had a modest increase. In manufacturing, durable and nondurable goods saw increases, although some categories like furniture and printing experienced declines. Mining output rose slightly, driven by oil and gas extraction, and utilities output improved significantly.