MNI: U.S. industrial production in May was up 1.4%...>

MNI: U.S. industrial production in May was up 1.4% as many factories resumed at

least partial operations following suspensions related to  Covid-19. However,

total IP in May was 15.4% below pre-pandemic levels in Feb. May IP ex motor

vehicles and parts was +1.8%. Manufacturing output rose 3.8% in May, after sharp

falls in March and April. Most major industries printed increases, with large

gains by motor vehicles and parts. U.S. May manufacturing output was +3.8% and

manufacturing ex motor vehicles was +2.0%. Mining declined 6.8% and utilities

declined by 2.3%. Capacity utilization increased 0.8% to 64.8% in May, 15pp

below it long-run average and 1.9pp below the Great Recession trough. Industrial

production for April was revised to -12.5% from -11.2% and April's capacity

utilization was revised to 64.0% from 64.9%.