2023-07-18 13:25:31
The US industrial production index fell in June. It was lowered in a wide range of fields, reflecting sluggish manufacturing production once morest the backdrop of unstable demand for goods.
Key point Industrial production index fell 0.5% month-on-month Median economists in Bloomberg survey expected to remain flat Downward revision to 0.5% drop in last month (preliminary 0.2% drop) Manufacturing production index fell 0.3% month-on-month – first time in three months Significantly negative market forecast remained flat, down 0.2% last month (preliminary estimate up 0.1%)
The restraint in production is due to sluggish export markets, efforts to reduce inventories, and declining consumer spending on goods.
Production of consumer goods fell 1.3%, the biggest contraction since February 2021. This reflects the decline in a wide range of fields, including automobiles, home appliances, and clothing. The production of raw materials also declined. On the other hand, production of corporate equipment remained flat.
However, manufacturers might reap some benefits in the coming months as inventories match retailer sales and goods inflation slows.
U.S. retail sales grow below market expectations; underlying indicators suggest solidity (3)
Utilities production fell 2.6%. Mining fell 0.2%.
Manufacturing capacity utilization fell to 78%, the lowest level in three months. The capacity utilization rate of the mining industry as a whole fell to 78.9%.
See table for detailed statistics.
Original title:US Industrial Production Decreased in June for a Second Month(excerpt)
(adds stats details and updates)
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