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Tuesday, June 25, 2019
HomeNewsEconomyDisruptions Mask Continued Mining Surge in Industrial Production

Disruptions Mask Continued Mining Surge in Industrial Production

The massive Big John dragline reshapes the rocky landscape in some of the last sections to be mined for coal at the Hobet site in Boone County, West Virginia. (Photo: Reuters)
The massive Big John dragline reshapes the rocky landscape in some of the last sections to be mined for coal at the Hobet site in Boone County, West Virginia. (Photo: Reuters)

The massive Big John dragline reshapes the rocky landscape in some of the last sections to be mined for coal at the Hobet site in Boone County, West Virginia. (Photo: Reuters)

The Federal Reserve said industrial production dipped slightly by 0.1% in May due largely to a disruption from a fire at a major parts supplier. Manufacturing output as a result fell by a steep 0.7%.

But coupled with a big drop in auto, the headline masks continued underlaying strength and a resurgence in mining, which rose 1.8%.

That’s the fourth consecutive month of growth for mining output and at elevated levels. The output of utilities increased 1.1%.

Nevertheless, at 107.3% of its 2012 average, total industrial production was 3.5% higher in May 2018 than it was a year earlier in May 2017. Capacity utilization for the industrial sector decreased 0.2% in May to 77.9%, or 1.9% below its long-run (1972–2017) average.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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