Research >> Economics
Industrial Production increased 5.4%
Capacity Utilization increased to 68.6%
Total industrial production rose 5.4 percent in June after increasing 1.4 percent in May; even so, it remained 10.9 percent below its pre-pandemic February level. For the second quarter as a whole, the index fell 42.6 percent at an annual rate, its largest quarterly decrease since the industrial sector retrenched after World War II. Manufacturing output climbed 7.2 percent in June, as all major industries posted increases. The largest gain—105.0 percent—was registered by motor vehicles and parts, while factory production elsewhere rose 3.9 percent. Mining production fell 2.9 percent, and the output of utilities increased 4.2 percent. At 97.5 percent of its 2012 average, the level of total industrial production was 10.8 percent lower in June than it was a year earlier. Capacity utilization for the industrial sector increased 3.5 percentage points to 68.6 percent in June, a rate that is 11.2 percentage points below its long-run (1972–2019) average but 1.9 percentage points above its trough during the Great Recession.
Posted: July 15, 2020 Wednesday 09:15 AM