Industrial production increased 0.2 percent in May, according to a Federal Reserve study. Output has increased every month this year, according to the report, with an average monthly increase of nearly 0.8 percent.
“Gains for most major market groups were small in May: Consumer goods, business equipment, construction supplies, business supplies and materials all posted increases of less than one-half percent,” the Fed stated. “Within consumer goods, gains were recorded by durables and energy products, while a loss was registered by non-energy nondurables.”
Total industrial production, at 105.7 percent of its 2017 average, was 5.8 percent above its mark from a year earlier. Manufacturing output slightly declined in May after three months of growth that averaged nearly 1 percent. Still, output has grown 4.8 percent over the past 12 months.
The index for nondurable manufacturing slightly increased in May, while indexes for durable manufacturing and other manufacturing such as publishing and logging each decreased 0.2 percent. Among durable manufacturing, the largest decreases were in wood products and machinery, with declines of 2.6 percent and 2.1 percent, respectively. In nondurable manufacturing, a 2.5 percent increase was reported in petroleum and coal products, which outweighed decreases in food, beverage, and tobacco products; paper; and printing and support.
Over the last 12 months, the index for gas and oil extraction has increased at a 2 percent average monthly clip. Mining output has jumped 9 percent in the past year.