After four consecutive months of growth, U.S. manufacturing output came to an abrupt halt as soaring costs began to weigh on factory activity.
- In May, US factory output was virtually unchanged from the previous month, ending a four-month streak of growth. This suggests that supply chain disruptions caused by war and soaring costs may be starting to weigh on manufacturing activity.
- Total industrial production, including utilities and mining, increased by just 0.1%. Previous surveys showed that customer stockpiling due to the war, increased defense orders, and data center construction had once driven a rebound in manufacturing.
- Another report showed that the year-on-year increase in producer prices for May reached its highest level since 2022. Data released on Monday may indicate that the impact of surging costs is starting to show.
- There was a divergence between durable goods and nondurable goods manufacturing. Nondurable goods saw a decline, mainly reflecting reductions in the output of petroleum and coal products, plastics and rubber products, and textiles.
- Industries related to data center construction continued to grow, including computers and electronic products, electrical equipment, metal products, machinery, and basic metals.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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