Recent revisions to the prior data alter the narrative around the health of the industrial sector. The headline revision shows a better-than-it-appeared reading, reflecting subtle shifts that matter for policy and investment analyses.
- Prior was +0.7% (revised to +0.9%)
- Capacity utilization 76.2% vs 76.2% expected (prior was 76.1%)
- Manufacturing output 0.0% vs +0.2% expected (+0.6% prior)
- Mining output +1.3% vs +0.2% prior
- Utilities -0.4% vs +2.2% prior
The revision to the prior makes this a better reading than it initially looked. There was cyclical weakness in industry post-COVID, but it’s been helped along by tightness in petrochemicals during the war, and that should pay some dividends as supply chains adjust and demand stabilizes.
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