US industrial production shoots past forecasts in May, capacity use jumps

(Sharecast News) - Industrial production in the States shot higher last month on the back of increased levels of output in manufacturing and from utilities. According to the Department of Commerce, industrial production was ahead by 0.9% in May in month-on-month terms.

Economists had pencilled in a rise of 0.3%.

Factory output was 0.9% higher and that from utilities by 1.6%.

From among the major market groups, production of consumer goods was strongest, jumping by 1.3%.

Materials output meanwhile was up by 0.8%.

The degree of capacity utilisation meanwhile jumped by five tenths of a percentage point to 78.7%.

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