A newly released report from the U.S. Federal Reserve showed industrial production rose 0.3% last month. This represents a slight increase over May's numbers.
Following are some highlights from the June U.S. industrial production report:
The production of consumer goods increased 0.5 percent in June following a decline of 0.3 percent in May. The output of durable consumer goods advanced 1.1 percent in June. Every major component of consumer durables either increased or was unchanged, with automotive products and home electronics posting the largest gains—1.4 percent and 2.2 percent, respectively.
The index for business equipment moved up 0.5 percent in June after falling 0.1 percent in May and 0.2 percent in April. The gain in June reflected increases of 0.5 percent for transit equipment and 1.1 percent for the industrial and other equipment category. Conversely, the production of information processing equipment dropped 1.0 percent. The output of defense and space equipment increased 0.1 percent in June, the first monthly gain for the index in 2013.
Among nonindustrial supplies, the production of construction supplies edged up in June after edging downward in May. By comparison, output decreased more than 1 percent in both March and April. Meanwhile, the production of materials to be processed further in the industrial sector advanced 0.2 percent in June, the same rate of increase as in May.
Manufacturing output increased 0.3 percent in June after risomg 0.2 percent in May. The index for manufacturing decreased at an annual rate of 0.2 percent in the second quarter, after having advanced 5.1 percent in the first quarter. The factory operating rate inched up to 76.1 percent in June, a rate 2.6 percentage points below its long-run average.
The output of durable goods moved up 0.5 percent in June; for the second quarter, the index increased at an annual rate of 1.5 percent after having improved 6.5 percent in the first quarter. Among its major components, the largest gains in June were for machinery, for miscellaneous manufacturing, and for motor vehicles and parts, which all posted gains of more than 1 percent. The indexes for several other categories also moved up, but those for wood products, primary metals, aerospace and miscellaneous transportation equipment, and furniture and related products all decreased. Capacity utilization for durable goods manufacturing moved up 0.2 percentage point to 76.2 percent, a rate 0.8 percentage point below its long-run average.
The production of nondurable goods was unchanged in June after having edged up 0.1 percent in May. The index fell at an annual rate of 1.5 percent in the second quarter after having advanced 4.5 percent in the first quarter. Among nondurables, the index for food, beverage, and tobacco products increased 0.8 percent and the output of textile and product mills stepped up 1.4 percent in June. These gains were offset by losses of 0.9 percent both in printing and support and in paper as well as a drop of 1.1 percent in petroleum and coal products.
The complete June U.S. industrial production report, which includes historical tables, is available online.