U.S. June Industrial Production - Subdued month, strong quarter
June industrial production has seen a second straight subdued month to follow a strong April, still leaving a healthy underlying picture but may temper some excessive optimism over the impact of rising AI-led investment.
Industrial production increased by 0.1% on the month with mining and utilities both up by a moderate 0.4%, but manufacturing output was unchanged after rising by 0.1% in May and 0.7% in April.
Excluding gains in autos, manufacturing output fell by 0.1% after a flat May and a rise of 0.7% in April. Business equipment actually fell by 0.4% in June but after gains of 0.9% in May and 1.7% in April still looks strong in Q2.
Overall manufacturing output rose by 4.7% annualized in Q2 after a 1.4% increase in Q1, and that is the strongest quarter since Q2 2021.
