US industrial production unexpectedly fell in May

The Federal Reserve said that industrial production in the United States declined by 0.1% in May, the first decline since January, after rising by 0.8% in April, and on an annual basis, production increased by 4.8% in May compared to May of 2021.

During the month of May, mining production rose 1.3%, utilities production rose 1.0%, production in auto factories increased by 0.7%, while production of long-term goods declined by 0.2%, and production of non-permanent manufacturing increased by 0.1%. Capacity utilization in the manufacturing sector decreased by 0.1% to 79.1% in May which is 1.0% higher than the long-term average, and the total energy use of the industrial sector rose to 79.0% in May from 78.9% in April