US Industrial Production Surges In May, Biggest MoM Jump Since Jan 2023 As ISM Tumbles

US Industrial Production Surges In May, Biggest MoM Jump Since Jan 2023 As ISM Tumbles

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…

Tyler Durden
Tue, 06/18/2024 – 09:32

https://www.zerohedge.com/economics/us-industrial-production-surges-may-biggest-mom-jump-jan-2023-ism-tumbles