Washington : Industrial production in the United States recorded a modest increase in May, supported by improved performance in the mining sector, according to a report issued by the US Federal Reserve.
The report showed that industrial output rose by 0.1% in May, compared with a revised increase of 0.9% in April. The increase was below analysts’ expectations of 0.2%.
The growth was driven by a 1.3% increase in mining output during May, following a 0.2% rise in the previous month. Manufacturing activity was unchanged from April, while utilities output declined by 0.4%.
The Federal Reserve also reported that capacity utilisation in the industrial sector increased to 76.2% in May from 76.1% in April, in line with market expectations.
Capacity utilisation in the mining sector rose to 86.5%, while the rate in manufacturing remained unchanged at 75.7%. The rate in the utilities sector declined to 70.6%.
