US Industrial Production surged 0.9% MoM in May (triple the 0.3% MoM expected and well up from the unchanged MoM print in April). That is the biggest MoM jump since Jan 2023 and lifted the YoY print to +0.39%...
Source: Bloomberg
That is the biggest beat of expectations since July 2023 (and above all estimates)...
Source: Bloomberg
Manufacturing output also climbed 0.9%, led by consumer goods, after a revised 0.4% April decrease, lifting the YoY change in manufacturing output 0.1% YoY....
Source: Bloomberg
Capacity Utilization picked up also to 78.7% (better than expected)...
Source: Bloomberg
The figures stand in contrast to other data showing manufacturing has had difficulty building momentum amid elevated input prices, inconsistent consumer demand and high borrowing costs. The Institute for Supply Management’s latest measure of factory activity shrank in May at a faster pace as a gauge of output came close to stagnating.
Source: Bloomberg
Now we wait for the downward revisions...
