Updated: 17-Jun-25 09:34 ET
Highlights
- Industrial production fell 0.2% month-over-month in May (Briefing.com consensus 0.1%) following an upwardly revised 0.1% increase (from 0.0%) in April.
- The capacity utilization rate was 77.4% (Briefing.com consensus 77.7), down from an unrevised 77.7% in April.
- Total industrial production increased 0.6% yr/yr while the capacity utilization rate was 2.2 percentage points below its long-run average.
- Manufacturing output increased 0.1% following a downwardly revised 0.5% decline (from -0.4%) in April, with the durable manufacturing index increasing 0.4% and the nondurable manufacturing index sliding 0.2%. Manufacturing capacity utilization held steady at 76.7%.
- Mining output increased 0.1% following a 0.3% decline in April. Mining capacity utilization edged higher to 91.1% from 91.0% in April.
- The output of utilities fell 2.9% following a 4.9% increase in April. Utilities capacity utilization dropped to 68.5% from 70.8% in April.
- The key takeaway from the report is that manufacturing output was little changed in May despite the announcement in early April that the reciprocal tariffs would be paused. The tepid activity is consistent with slower economic growth in its own right and likely also reflects the planning uncertainty that goes hand-in-hand with the tariff uncertainty.
| Category | MAY | APR | MAR | FEB | JAN |
| Industrial Production | |||||
| Total Index | -0.2% | 0.1% | -0.2% | 1.0% | 0.1% |
| Manufacturing | 0.1% | -0.5% | 0.6% | 1.2% | 0.4% |
| Utilities | -2.9% | 4.9% | -8.3% | -0.9% | 4.5% |
| Mining | 0.1% | -0.3% | 1.8% | 1.6% | -2.3% |
| Capacity Utilization | |||||
| Total Industry | 77.4% | 77.7% | 77.7% | 78.0% | 77.3% |
| Manufacturing | 76.7% | 76.7% | 77.2% | 76.8% | 76.0% |
