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2026-07-17 21:36:14
[US Manufacturing Output Stagnated in June, Weak Durable Goods a Major Dragging Factor] ⑴ Federal Reserve data showed that US factory output was flat month-on-month in June, falling short of market expectations of a 0.1% increase. The previous figure was revised upward to 0.1%, indicating a significant slowdown in the manufacturing sector, which accounts for about three-quarters of total industrial output. ⑵ Among the sub-categories, output of durable goods such as wood products, machinery and equipment, electrical equipment, and home appliances all declined month-on-month. Growth in computer and electronic products, as well as defense and aerospace equipment, also slowed, indicating a diminishing marginal effect of end-user demand on capital goods and durable consumer goods. ⑶ Overall industrial output recorded a slight increase of 0.1% for the second consecutive month, mainly supported by a 0.4% increase each in utilities and mining, masking the weakness in the manufacturing sector. ⑷ Although some survey indicators showed signs of recovery in manufacturing, the risk of rising energy prices due to the renewed US-Iran conflict could further increase corporate input costs and suppress demand. If cost pressures continue to be transmitted, the slope of the manufacturing recovery in the second half of the year will face revision.
