Industrial production dips in May
Industrial production edged down 0.1 percent in May after having gained 1.0 percent in April.
The latest Fed report shows that manufacturing output decreased 0.4 percent after having advanced 0.7 percent in April. The index for manufacturing in May was 5.2 percent above its year-earlier level. The factory operating rate moved down 0.4 percentage point to 77.6 percent, a level 1.2 percentage points below its long-run average.
The production index for durable goods declined 0.5 percent in May after having posted a gain of 1.4 percent in April. Durable goods industries with decreases of more than 1 percent in May included nonmetallic mineral products, primary metals, motor vehicles and parts, and furniture and related products. The largest increase among major durable goods industries was for wood products, which moved up 1.0 percent, and smaller gains were recorded by fabricated metals; electrical equipment, appliances, and components; and miscellaneous manufacturing. Capacity utilization for durable goods manufacturing was 78.0 percent, a rate 5.0 percentage points above its year-earlier level and 0.9 percentage point above its long-run average.
The production of nondurables decreased 0.2 percent in May, its third consecutive month without a gain.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
