Industrial production rose by 1.4% in May, as many factories resumed
operations after shutdowns spurred by the coronavirus crisis, the
Federal Reserve said Tuesday.
Capacity utilization came in at 64.8%.
Economists polled by MarketWatch expected a rise of 2.8% in industrial production and capacity utilization of 66.8%.
Big picture: The reading
on industrial production is another sign that the U.S. economy began to
revive last month from the worst economic crisis since the Great
Depression of the 1930s.
Ahead of Tuesday’s figures on industrial production, industrial
output had been down in four out of the past five months. In March and
April, the COVID-19 pandemic led many factories to slow or suspend
operations.
A separate report on Tuesday said sales at U.S. retailers roared back in May. It comes after a surprisingly upbeat jobs report for May that was released on June 6.
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