Industrial production increased just 0.1% month-over-month in June (consensus: 0.3%) following an unrevised 0.1% increase in May. Total industrial production was up 1.1% year-over-year.
The capacity utilization rate was 76.1% (consensus: 76.2%), unchanged from a downwardly revised 76.1% (from 76.2%) in May. The capacity utilization rate is 3.3 percentage points below its long-run average.
The key takeaway from the report is that there was no increase in manufacturing output, something that hasn’t happened since January.