Industrial production was unchanged in June after gaining stronger than expected in May, as gains in manufacturing and mining offset declines in utilities. Last month, utilities drove the increase.
|Indicator||Prior||Consensus Forecast||Forecast Range||Result|
|Production – M/M ∆||0.4%||0.1%||-0.1% to 0.4%||0.0%|
|Manufacturing – M/M ∆||0.2%||0.2%||0.1% to 0.4%||0.4%|
|Capacity Utilization Rate||78.1%||78.2%||77.8% to 78.3%||77.9%|
Manufacturing output rose 0.4%, driven significantly by an increase of nearly 3% for motor vehicles and parts. Excluding motor vehicles and parts, manufacturing output was up 0.2%.
The output of utilities declined 3.6%, which the Federal Reserve attributed to milder-than-usual temperatures for June reducing the demand for air conditioning.
The index for mining gained 0.2%.
At 109.6% of its 2012 average, total industrial production was 1.3% higher in June than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2% in June to 77.9%, a rate that is 1.9 percentage points below its long-run (1972–2018) average and less than the consensus forecast.