FOREX TradingCharts.com

Financial News: U.S. Industrial Production Unexpectedly Edges Lower In Jun

U.S. Industrial Production Unexpectedly Edges Lower In June

07/15/2022 - 10:59:00 (RTTNews)

(RTTNews) - Industrial production in the U.S. unexpectedly edged modestly lower in the month of June, according to a report released by the Federal Reserve on Friday.

The report showed industrial production slipped by 0.2 percent in June after revised data showed production was unchanged in May.

The modest decrease surprised economists, who had expected industrial production to inch up by 0.1 percent compared to the 0.2 percent uptick originally reported for the previous month.

The dip in industrial production partly reflected a continued decline in manufacturing output, which fell by 0.5 percent for the second consecutive month.

Utilities output also tumbled by 1.4 percent in June after surging by 1.9 percent in May, while mining output shot up by 1.7 percent in June following a 1.2 percent jump in the previous month.

"This report is another indication that the economy is losing momentum," said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics. "Looking ahead, moderating goods demand and persistent supply chain challenges will constrain industrial production expansion."

She added, "However, these challenges won't send the industrial sector into a tailspin. The economy still has a fighting chance to avoid a recession, but the pathway to a soft landing is admittedly narrowing."

The report also showed capacity utilization in the industrial sector fell to 80.0 percent in June from a revised 80.3 percent in May.

Economists had expected capacity utilization to increase to 80.6 percent from the 79.0 percent originally reported for the previous month.

Capacity utilization in the manufacturing and utilities sectors slid to 79.3 percent and 75.8 percent, respectively, while capacity utilization in the mining sector rose to 88.0 percent.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


European Economics Preview: UK Labor Market Data Due (02 hr(s), 28 min(s), 58 sec(s) ago)
(RTTNews) - Labor market statistics from the UK and economic confidence from Germany are the major ...Full Story»

RBA Sees More Hikes In Process Of Normalizing Monetary Policy: Minutes (02 hr(s), 37 min(s), 58 sec(s) ago)
(RTTNews) - Policymakers of the Reserve Bank of Australia said more interest rate hikes will be ne ...Full Story»

RBA Minutes On Tap For Tuesday (51 min(s), 02 sec(s) ago)
(RTTNews) - The Reserve Bank of Australia will on Tuesday release the minutes from its monetary po ...Full Story»

Swiss Producer And Import Price Inflation Slows In July (21 min(s), 02 sec(s) ago)
(RTTNews) - Switzerland's producer and import prices increased at a softer pace in July, data ...Full Story»

U.S. Housing Market Index Unexpectedly Drops To Two-Year Low In August (34 min(s), 02 sec(s) ago)
(RTTNews) - A report released by the National Association of Home Builders on Monday unexpectedly ...Full Story»

New York Manufacturing Index Unexpectedly Indicates Contraction In August (50 min(s), 02 sec(s) ago)
(RTTNews) - New York manufacturing activity has unexpectedly seen a substantial contraction in the ...Full Story»

Slovakia Inflation Rises Slightly In July (48 min(s), 02 sec(s) ago)
(RTTNews) - Slovakia's consumer price inflation accelerated marginally in July, but remained a ...Full Story»

New York Manufacturing Index Unexpectedly Turns Negative In August (32 min(s), 02 sec(s) ago)
(RTTNews) - New York manufacturing activity has unexpectedly seen a substantial contraction in the ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

European Economics Preview: UK Labor Market Data Due

08/16/2022 - 01:40 AM (RTTNews)
(RTTNews) - Labor market statistics from the UK and economic confidence from Germany are the major ...Full Story>>

RBA Sees More Hikes In Process Of Normalizing Monetary Policy: Minutes

08/16/2022 - 01:31 AM (RTTNews)
(RTTNews) - Policymakers of the Reserve Bank of Australia said more interest rate hikes will be ne ...Full Story>>

RBA Minutes On Tap For Tuesday

08/15/2022 - 18:00 PM (RTTNews)
(RTTNews) - The Reserve Bank of Australia will on Tuesday release the minutes from its monetary po ...Full Story>>

Swiss Producer And Import Price Inflation Slows In July

08/15/2022 - 12:30 PM (RTTNews)
(RTTNews) - Switzerland's producer and import prices increased at a softer pace in July, data ...Full Story>>

U.S. Housing Market Index Unexpectedly Drops To Two-Year Low In August

08/15/2022 - 10:43 AM (RTTNews)
(RTTNews) - A report released by the National Association of Home Builders on Monday unexpectedly ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.