US Industrial Output Growth at 14-Month High

Industrial production in the United States increased by 0.1% in May, falling short of market expectations for a 0.3% rise, following an upwardly revised 0.9% increase in April. Manufacturing output, which accounts for about 78% of total industrial production, was unchanged in May after rising 0.7% in April, also missing forecasts for a 0.2% gain. Mining production increased by 1.3%. Meanwhile, utilities output declined by 0.4%, as a 1.7% drop in electric utilities output more than offset an 8.5% increase in natural gas utilities output. Capacity utilization edged up to 76.2%, a level 3.2 percentage points below its long-run average (1972–2025).

Industrial production in the United States increased 0.7% in April 2026, the most in 14 months and more than market expectations for a 0.3% gain, after decreasing 0.3% in March. Manufacturing output, which accounts for about 78% of total industrial production, rose 0.6%, beating forecasts of 0.2%. Manufacturing output, excluding motor vehicles and parts, increased by 0.3%. At the same time, utilities output increased 1.9%, with gains in both electric and natural gas utilities. On the other hand, mining output edged down 0.1%. Capacity utilization moved up to 76.1%, a rate that is 3.3 percentage points below its long-run (1972–2025) average.

Industrial production in the United States dropped 0.5% month-over-month in March 2026, missing market expectations for a 0.1% gain and after moving up 0.7% in February. It marks the biggest fall in industrial activity since September 2024. Manufacturing output, which makes up about 78% of total industrial production, decreased 0.1% after an upwardly revised 0.4% increase in February and also missing forecast of a 0.1% gain. Mining output fell 1.2% in March. The index for utilities contracted 2.3%, with reductions in the output of both electric and natural gas utilities. Capacity utilization receded to 75.7 percent, a rate that is 3.7 percentage points below its long-run (1972–2025) average.