Summary: US industrial output up 0.2% in May, below market expectations; up 5.8% over past 12 months; driven by falls in publishing, logging; capacity utilisation rate up 0.1ppt to 79.0%, still short of long-term average. The Federal Reserve’s industrial production (IP) index measures real output from manufacturing, mining, electricity and gas company facilities located in the United States. These sectors are thought to be sensitive to consumer demand and so...