WASHINGTON, June 15, 2026 — U.S. industrial production increased at a slower-than-expected pace in May, according to data released by the Federal Reserve, signaling a moderation in manufacturing activity and broader industrial output.
Industrial production rose 0.1% month-on-month in May, falling short of economists’ expectations for a 0.3% increase. The result marked a slowdown from April, when industrial production had expanded by 0.9%. On an annual basis, industrial output was up 1.7%.
The manufacturing sector, which accounts for the largest share of industrial activity in the United States, showed no growth in May. Analysts had expected manufacturing output to rise by 0.2% during the month. Manufacturing production had increased 0.7% in April.
Despite the softer production figures, capacity utilization improved slightly. The utilization rate increased by 0.1 percentage point to 76.2% in May, in line with market expectations and up from 76.1% in April. However, the figure remained 3.2 percentage points below its long-term average for the 1972–2025 period.
The weaker-than-expected industrial production data may reinforce concerns about the pace of U.S. economic growth as investors assess the outlook for manufacturing and the broader economy. Market participants are also monitoring incoming economic indicators for clues about future monetary policy decisions by the Federal Reserve.
Key Figures
- Industrial Production (May): +0.1% month-on-month (forecast: +0.3%)
- Industrial Production (April): +0.9%
- Industrial Production (Year-on-Year): +1.7%
- Manufacturing Output (May): 0.0% (forecast: +0.2%)
- Capacity Utilization Rate: 76.2%
- Long-Term Average Gap: 3.2 percentage points below average
Source: Patronlar Dünyası/ Prepared by: İlayda Gök