–Manufacturing Production Up; Mining Production Down 0.2%
By Kevin Kastner
WASHINGTON (MNI) – Industrial production jumped 1.2% in May, as
utilities production rebounded sharply from declines in the last three
months and manufacturing production posted a modest increase, according
to data released by the Federal Reserve Wednesday.
Utilities production rose 4.8% in May, with electricity production
up 5.3% and gas production up 2.3%. The Federal Reserve said that the
increase was due to “unseasonably warm temperatures that boosted air
conditioning usage in May after uncharacteristically temperate weather
in April reduced heating demand.”
Manufacturing production rose 0.9%, led by a 5.5% jump in motor
vehicle and parts production following a 1.4% decline in April.
Excluding motor vehicles, total industrial production would have been up
1.1% and manufacturing production would have been only 0.6%.
Mining production fell 0.2%, which the Federal Reserve attributed
to “declines in coal mining and in stone, sand, and gravel quarrying.”
There was no mention of the oil spills in the Gulf of Mexico.
Capacity utilization rose 1.0 to 74.7% in May, with utilities
capacity utilization up 3.7 to 81.0%.
** Market News International Washington Bureau (202) 371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
