US industrial production up 0.8% in May, factory output 0.9%
WASHINGTON — Surging output of cars, trucks and auto parts pulled U.S. factory production up 0.9% in May. Adding utilities and mines, overall U.S. industrial production climbed 0.8% in May from April, the Federal Reserve reported Tuesday. Auto production jumped 6.7% despite ongoing problems arising from a shortage of computer chips. Production rose 1.2% at mines last month and 0.2% at utilities. American industry is rebounding from the coronavirus recession along with the rest of the U.S. economy. The Institute for Supply Management, an association of purchasing managers, reported that manufacturing activity rose in May for the 12th straight month despite supply chain problems and labor shortages.
US retail sales down 1.3% in May
Retail sales in the United States dropped 1.3% in May compared to the previous month, according to a report by the US Census Bureau released on Tuesday. The figure was below expectations, which put the decrease at around 0.8%. Total retail sales for May stood at $620.2 billion. On a yearly basis, sales increased 28.1% in May. Total sales for the period between March 2021 and May 2021 were up 36.2% compared to the same period in 2020.