Industrial Production Rose 0.8% in May
Washington, DC, June 15, 2021-Total industrial production increased 0.8% in May, according to the Federal Reserve.
Manufacturing production advanced 0.9%, reflecting, in part, a large gain in motor vehicle assemblies; factory output excluding motor vehicles and parts increased 0.5%. The indexes for mining and utilities rose 1.2% and 0.2%, respectively.
In May, at 99.9% of its 2017 average, total industrial production was 16.3% higher than it was a year earlier but 1.4% lower than its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector rose 0.6 percentage point in May to 75.2%, a rate that is 4.4 percentage points below its long-run (1972–2020) average.