Finance

Industrial Production expands by 0.8% in May vs. 0.6% expected

  • Industrial Production in US grew at a stronger pace than expected in May.
  • US Dollar Index stays in the positive territory above 90.50.

Industrial Production in the United States expanded by 0.8% on a monthly basis in May, the US Federal Reserve reported on Tuesday. This reading followed April’s growth of 0.1% (revised from 0.7%) and came in slightly better than the market expectation for an increase of 0.6%.

Additional takeaways

“Manufacturing production advanced 0.9%, reflecting, in part, a large gain in motor vehicle assemblies; factory output excluding motor vehicles and parts increased 0.5%.”

“Capacity utilization for the industrial sector rose 0.6 percentage point in May to 75.2%, a rate that is 4.4 percentage points below its long-run (1972–2020) average.”

Market reaction

These figures don’t seem to be having a noticeable impact on the USD’s performance against its major rivals. As of writing, the US Dollar Index was up 0.08% on the day at 90.57.

View more information: https://www.fxstreet.com/news/us-industrial-production-expands-by-08-in-may-vs-06-expected-202106151321

See more articles in category: Finance
See also  NZD/USD Chart

Leave a Reply

Back to top button