U.S. industrial production bounces back 1.4% in May

Associated Press

WASHINGTON – American industry rebounded last month as factories began to reopen for the first time since being shut down by the coronavirus in April.

The Federal Reserve said Tuesday industrial production – including output at factories, mines and utilities – rose 1.4% in May after plummeting a record 12.4% in April and 4.6% in March. Manufacturing output rose 3.8% last month as auto plants began to ramp back up, but production of cars and auto parts remained 62.8% below its May 2019 level. Output at mines fell 6.8% and oil and gas drilling dropped 37%.