INDUSTRIAL PRODUCTION JUMPS

Us economy manufacturing growingREUTERS/Chris KeaneA worker uses an electronic screwdriver to install the motherboard on the reverse side of a 32-inch TV at Element Electronics in Winnsboro, South Carolina May 29, 2014.

The Fed said industrial production climbed 0.6% in May.

Consensus was for growth of 0.5%, up from a revised -0.3% rate in April.

Capacity utilization ticked 79.1%, beating expectations for 78.9%, which was also April’s revised figure.

Automotive products saw the biggest jump at 1.5%.

“The winter hit is now history, and output is rising strongly,” Pantheon Macro’s Ian Shepherdson said. He added: “This is a solid report, especially when the upward revisions to April manufacturing – to -0.1% from -0.4% – are taken into account. May’s 0.6% manuf number was helped by a 1.5% jump in the volatile auto sector, but output ex-autos rose 0.5% on the month — with a hefty 0.8% jump in capital equipment – and climbed at a 6.0% annualized rate in the three months to May, compared to the previous three months.”

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It’s the second-consecutive datapoint beat: We just got Empire Fed data that came in ahead of expectations.

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