Washington: U.S. factory production was unexpectedly unchanged in May as strength in the output of long-lasting manufactured goods like motor vehicles was offset by declines in non-durable goods.The flat reading in manufacturing output reported by the Federal Reserve on Monday followed an upwardly revised 0.7% jump in April. Economists polled by Reuters had forecast production at factories would rise 0.2% after a previously reported 0.6% surge in April. Production at factories increased 1.4% on a year-over-year basis in May.Durable manufacturing output increased 0.8%. Production of non-durable goods like food and textiles dropped 0.9%.
US manufacturing output unchanged in May after large gain in April
US factory production remained flat in May. This unexpected result followed a strong April. Output of long-lasting goods like vehicles rose. However, production of items such as food and textiles fell. This mixed performance indicates a pause in manufacturing growth. The Federal Reserve reported these figures on Monday.
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