US Industrial Production rises 0.9% in May vs. 0.3% expected
- Industrial Production in the US grew at a stronger pace than expected in May.
- The US Dollar Index stays in daily range below 105.50.
Industrial Production in the US grew 0.9% on a monthly basis in May, the US Federal Reserve (Fed) reported on Tuesday. This reading came in better than the market expectation for an increase of 0.3%.
"Manufacturing output posted a similar gain of 0.9% after declining in the previous two months," the Fed noted in its press release. "At 103.3% of its 2017 average, total industrial production in May was 0.4% higher than its year-earlier level. Capacity utilization moved up to 78.7% in May, a rate that is 0.9 percentage point below its long-run (1972–2023) average."
Market reaction
The US Dollar Index showed no immediate reaction to this report and was last seen trading virtually unchanged on the day at 105.34.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
