US industrial output jumps 5.4pc in June, -42.6pc Q2: Fed
- Manufacturing surged 7.2 percent last month, while production of motor vehicles and parts remained nearly 25 percent below its February level.
WASHINGTON: American industry saw a rebound in June as businesses began to reopen amid the coronavirus pandemic, with total output jumping 5.4 percent compared to May, the Federal Reserve said Wednesday.
But for the April-June quarter, which included the worst of the COVID-19 outbreak so far, industrial production collapsed at an annual rate of 42.6 percent, "its largest quarterly decrease since the industrial sector retrenched after World War II," the Fed said.
Manufacturing surged 7.2 percent last month, but it was 11.1 percent below its pre-pandemic level, while production of motor vehicles and parts remained nearly 25 percent below its February level.
And factory output fell at an annual rate of 47.0 percent in the second quarter, the report said.
Mining, including oil and gas production, fell 2.9 percent in the month. The index for oil and gas well drilling fell 18.0 percent and declined 42.7 percent in the quarter.
Utilities output rose 4.2 percent in June.
Industrial capacity in use continues to climb back, gaining a point to 68.6 percent, compared to the pre-pandemic level of 76.9 percent, the Fed said.
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