Economic Buzz: US Industrial Production Slips 0.2% In June

18 Jul 2022 , 09:09 AM

Industrial production in the U.S. unexpectedly edged modestly lower in the month of June, according to a report released by the Federal Reserve. The report showed industrial production slipped by 0.2 percent in June after revised data showed production was unchanged in May. The dip in industrial production partly reflected a continued decline in manufacturing output, which fell by 0.5 percent for the second consecutive month. Utilities output also tumbled by 1.4 percent in June after surging by 1.9 percent in May, while mining output shot up by 1.7 percent in June following a 1.2 percent jump in the previous month. The report also showed capacity utilization in the industrial sector fell to 80.0 percent in June from a revised 80.3 percent in May. Capacity utilization in the manufacturing and utilities sectors slid to 79.3 percent and 75.8 percent, respectively, while capacity utilization in the mining sector rose to 88.0 percent.Powered by Commodity Insights