The pace of industrial production in the United States slowed in May, more than expected, according to data released Friday by the American Central Bank (Fed), which also showed a contraction in manufacturing production. The increase in total production was 0.2% compared to April, the data for which was revised upwards (+1.4% against 1.1% initially estimated). This is much less than expected, since analysts were expecting an increase of 0.5%.
In detail, manufacturing production fell by 0.1%, with a sharp drop in production in the wood sector (-2.6%), machinery (-2.1%) or electronic and computer products ( -1.8%). Automotive production, which suffered last year from the global shortage of semiconductors, also slowed: +1.1% after +3.3% the previous month. In addition, among durable goods, the production of household appliances fell (-2.5%). The production of public utility services (water, electricity) slowed sharply to 1.9% after 5.5% in April (data revised upwards), due to the 4.5% drop in the natural gas production and the slowdown in electricity production (1.9% after 5.2%). Compared to May 2021, total industrial production increased by 5.8%.