Economics
U.S. Industrial Output Rebounded in May by Less Than Projected
- Gradual recovery contrasts with sharper gain for retail sales
- Production remains 15.4% below pre-pandemic level in February
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U.S. industrial production rose by less than forecast in May after a record slump a month earlier, indicating a gradual recovery for manufacturing as coronavirus-related shutdowns continued to restrain demand.
Output at factories, mines and utilities increased 1.4% from the prior month after a revised 12.5% plunge in April that was the largest in records back to 1919, Federal Reserve data showed Tuesday. The median projection in a Bloomberg survey of economists called for a gain of 3%. Factory production rose 3.8% in May, compared with the median estimate for a 5% advance.