American factories, mines, and power plants collectively pushed output higher for another month. The Federal Reserve reported that US industrial production rose 1.7% year-over-year in May 2026, a step up from the revised 1.4% annual increase recorded in April.
The industrial production index now sits at 102.6% of its 2017 average.
What’s driving the numbers
The month-over-month picture is more subdued. Industrial production grew just 0.1% from April to May, a notable deceleration from the 0.9% monthly jump the prior month.
Beneath the headline number, the sector-level breakdown tells a more nuanced story. Manufacturing output, the largest component of industrial production, was essentially flat in May. Mining picked up the slack with a 1.3% increase, while utilities actually dragged things down with a 0.4% decline in output.
