US industrial production might show a 0.1% increase in May – Nomura

FXStreet (Barcelona) – Economists at Nomura expect the US industrial production data to increase by 0.1% in May after April’s 0.3% decline.

Key Quotes

“Manufacturing surveys suggested that the manufacturing sector remained sluggish in May. The BLS reported (in its employment report) that there was a slight increase in aggregate hours worked in manufacturing in May, but a decline in hours worked in mining. As such, we forecast a small increase in manufacturing production, but continued decline in mining as low energy prices likely continued to weigh on activity.”

“Based on weekly electric output data, we expect utilities production to increase for the first time since February. The strongest pace of vehicle sales in almost 10 years supports our forecast for an increase in vehicle production in May.”

“On balance, we forecast that industrial production increased by 0.1% in May after declining by 0.3% in April.”

Economists at Nomura expect the US industrial production data to increase by 0.1% in May after April’s 0.3% decline.

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