US Industrial Production contracts 0.2% in May vs. 0.1% expected

• Industrial Production in the US declined by 0.2% in May.
• The US Dollar Index holds steady at around 98.00 after the data.

Industrial Production in the United States (US) contracted by 0.2% on a monthly basis in May, the data published by the Federal Reserve showed on Tuesday. This reading followed the 0.1% growth recorded in April and came in worse than the market expectation for an expansion of 0.1%.

Other details of the report showed that manufacturing output rose by 0.1% in this period. Meanwhile, the Capacity Utilization declined to 77.4% from 77.7% in April.

Market reaction

The US Dollar Index holds steady slightly above 98.00 after these data releases.