US industrial production was unchanged in June. According to the Federal Reserve’s industrial production index, production levels remained steady, a large fall from May’s 0.4% increase and missing the market’s expected figure of +0.1%.
The same report includes US capacity utilisation figures which are generally accepted as an indicator of future investment expenditure and/or inflationary pressures. In the US, capacity utilisation had been trending up since mid-2016 after a sudden dip in 2015. However, since December 2018, utilisation rates have been slipping. June’s reading maintained this trend as it fell from May’s reading of 78.1% to 77.9%.