Industrial Production + Manufacturing + Capacity Utilization During May 2026

The Industrial Production, Manufacturing and Capacity Utilization numbers for May, 2026 were released by the Federal Reserve:

Industrial Production:
Previous Month (revised): +0.9%
Actual: +0.1% Month-on-Month (M/M)

• Year-on-Year (Y/Y): +1.7%
  
  --> Y/Y Previous: +1.4%
  
  

Manufacturing:
Previous Month (revised): +0.7%
Actual:  FLAT (M/M)

• Y/Y : +1.4%
  
  --> Y/Y Previous: +1.3%
  
  

Capacity Utilization Rate:
Previous Month (unrevised): 76.1%
Actual:  76.2% 

• Y/Y : +1.3%
  
  --> Y/Y Previous: +1.3%

===============

CHART: Industrial Production

+ Manufacturing
+ Capacity Utilization
MAY 2026 UPDATE

 

===============

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==============

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New Unemployment Insurance Claims for The Week of June 6, 2026

Jobless Claims

Earlier today, the Labor Department released its weekly report on New Jobless Insurance Claims for the week that ended on June 6, 2026:

====================
Predicted: 220,000

• Actual: 229,000

====================

The yellow-highlighted figure represents the number of first-time claims for unemployment benefits for the entire United States. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

 --> Previous Week (unrevised): 225,000

• 4-Week Moving Average: 219,000

====================

• Click here to view the full Labor Department report

====================

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Producer Price Index - Final Demand (PPI-FD) for MAY 2026

Here is the Producer Price Index - Final Demand (PPI-FD) for MAY, 2026:

===============================
Previous Month (revised): +1.1%

• Actual: +1.1%

Change from 12 months previous:  +6.5% 
(prior - unrevised = +6.0%)

===============================

Below is the PPI-FD when Food, Energy and Trade Services are removed:

Previous Month (unrevised): +0.6% 

• Actual: +0.8%

Change from 12 months previous:  +5.1% 
(prior - unrevised = +4.4%)

===============================

• PPI-FD Goods, Year-on-Year: +10.4% (prior = +7.4%)

• PPI-FD Services, Year-on-Year: +4.9% (prior = +5.5%)

 

The above, yellow-highlighted percentages represent the month-to-month change in prices received by domestic producers of goods and services, for goods, services and construction in the United States, for final demand.

Final Demand = personal consumption (consumers), exports, government purchases and capital investment.
 
==============

CHART: Producer Price Index

  Final Demand (PPI-FD)
12-Month Percent Change
MAY 2026 Update

==============

• Click here to view the full Labor Department report.

============== 

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Crude Oil Inventories Report for Week Ending June 5, 2026

Crude Oil Inventories

The U.S. Crude Oil Inventories report for the week that ended on June 5, 2026 was released this morning:

-- Δ from Last Week: -15,100,000 Barrels (-1.9%)

-- Δ from 1-Year Previous: -58,800,000 Barrels (-7.05%)

-- Current U.S. Crude Oil Stocks: 775,700,000 Barrels

• NB: Δ = Change

Diminishing crude oil inventories often translate to higher crude oil and fuel prices (and vice versa), but not always.

The report is produced by the U.S. Energy Information Administration (EIA).

• Click Here for the Weekly Crude Oil Price
  
  

• Click Here for A Crude Oil Price Chart
  
  
• Click Here for the FULL (Extended) Weekly Petroleum Status Report
  
  
• Click Here for the Weekly Petroleum Status Report DATA OVERVIEW
  
  
• Click Here for the Weekly Petroleum Status Report HIGHLIGHTS

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Consumer Price Index (CPI) for MAY 2026

Earlier this morning, the Labor Department's Bureau of Labor Statistics released the Consumer Price Index (CPI) for May, 2026:

=========================================

CPI During May, 2026: 335.123

=========================================

Consumer Price Index (CPI); Headline

Predicted: +0.5%

->  Actual: +0.63 (+2.103 points)

• Year-on-Year Change: +4.25% (+13.658 points)

[Y-o-Y previous = +3.81%]

=========================================

CPI, Minus Food + Energy (Core CPI)

Predicted: +0.3%

 - > Actual: +0.31% (+1.043 points)

• Year-on-Year Change: +2.85% (+9.337 points)

[Y-o-Y previous = +2.75%]

=========================================

The above, yellow- and blue-highlighted figures represent month-to-month and year-on-year changes (not seasonally adjusted) in prices for a specific group of goods and services that consumers buy, and is, therefore, a very important part of the overall inflation picture for the country.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

General categories that constitute the CPI are:

• Healthcare
• Housing
• Clothing
• Communications
• Education
• Transportation
• Food and Beverages
• Recreation
• Miscellaneous Goods and Services (grooming expenses, etc.)

========================================

CPI During May, 2025: 321.465

=======================================

CHART: Consumer Price Index

12-Month Percentage Change
MAY 2026 Update

========================================

• Click here to view the full Labor Department report.
  

========================================

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NFIB Small Business Optimism Index (SBOI) for MAY 2026

The National Federation of Independent Business® (NFIB®) released its Small Business Optimism Index (SBOI) for May, 2026:
=========

Predicted: 95.0

• Actual: 95.3

----------------

• Change from Previous Month: -0.63% (-0.6 point.)

• Change from A Year Ago: -3.54% (-3.5 points.)

=========

CHART: NFIB Small Business Optimism Index

MAY 2026 Update 

=========

• The baseline "100" score is associated with 1986 survey data.
  

=========

 

From the Report:

 

"...CREDIT MARKETS

In May, the net percent of owners expecting easier credit conditions rose 1 point to a net -3% (seasonally adjusted). A net 4% reported their last loan was harder to get than in previous attempts, up 1 point from April. In May, a net 6% of owners reported paying a higher interest rate on their most recent loan, up 4 points from April. The average interest rate paid on short-maturity loans was 7.8% in May, down 0.5 points from April. Twenty-seven percent of all owners reported borrowing regularly, up 5 points from April’s lowest level since November 2021.

INFLATION

In May, reports of both actual and planned price increases rose significantly. The net percent of owners raising average selling prices rose 6 points from April to a net 36% (seasonally adjusted), marking the highest reading since March 2023. Actual price increases are well above the historical average of net 13%. Unadjusted, 46% reported higher average prices (up 5 points), and 7% reported lower average selling prices (down 1 point). Looking forward to the next three months, a net 34% (seasonally adjusted) plan to increase prices, up 7 points from April and marking the highest reading since July 2022. Reports of inflation as the single most important problem rose for the third consecutive month in May. Eighteen percent of business owners cited inflation as their single most important business problem, up 2 points from April and marking the highest reading since December 2024. Inflation ranks as the second top problem..."

=========

• Previous Month's SBOI: 95.9

• SBOI, 12-Months Previous: 98.8

=========

• Click here to view the full NFIB report

=========

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New Unemployment Insurance Claims for The Week of May 30, 2026

Jobless Claims

Earlier today, the Labor Department released its weekly report on New Jobless Insurance Claims for the week that ended on May 30, 2026:

====================
Predicted: 220,000

• Actual: 225,000

====================

The yellow-highlighted figure represents the number of first-time claims for unemployment benefits for the entire United States. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

 --> Previous Week (revised): 212,000

• 4-Week Moving Average: 214,750

====================

• Click here to view the full Labor Department report

====================

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ISM Non-Manufacturing Index (NMI®) for MAY 2026

The Institute for Supply Management (ISM®) released their Non-Manufacturing Index (NMI®) for May, 2026:

==========

Predicted: 54.0%

• Actual: 54.5%  (+0.9 point month-on-month change)

==========

Previous month (revised): 53.6%

==========

The NMI is a reliable barometer of the U.S. services sector; above 50% implies expansion, while a reading below 50% implies that the services sector contracted.

==========

From today' report:

"...Economic activity in the services sector continued to expand in May, say the nation’s purchasing and supply executives in the latest ISM® Services PMI® Report. The Services PMI® registered 54.5 percent, the 23rd consecutive month in expansion territory..."

===========

Here's A Sampling Of Comments
Made By Survey Participants:

• "We are seeing the dual effects of the administration’s tariff policy dynamics and the invasion of Iran affect our pricing. Suppliers across numerous industries are trying to pass price increases for fuel surcharges and increased input costs for resin-based products and the like. This is the definition of inflationary pressure starting to affect us. We expect significant cost increases to impact us by late second quarter (Q2) and definitely in Q3.”
   [Accommodation & Food Services] 

• “Starting to see increased supply constraints and associated price increases, especially for construction materials and computers like laptops and tablets.”
   [Educational Services] 

• “Patient volumes and activity remain high, employment is steady and supply chains are operating effectively. There are some product lines on allocation as a direct result of the invasion of Iran; however, the current state is manageable. Another concerning factor on the horizon: the current drop-out rate on Affordable Care Act (ACA) health insurance plans after the federal subsidy was eliminated as of January 1. Year-to-date dropout rates are approaching 14 percent, indicating we may be seeing a potential increase in uninsured patients in the foreseeable future. The short-term forecast is cautious optimism.”
   [Health Care & Social Assistance] 

• “The groundwood paper market remains tight. The announced sale of NORPAC to International Paper has caused some tightness. We figure intellectual property issues will eventually take NORPAC out of the book market. Freight remains expensive, with gas prices and fuel surcharges starting to come through.”
   [Information] 

• “Effective commodity prices (oil) have increased about 20 percent so far in 2026.”
   [Mining] 

• “Due to rising fuel costs, a major distributor has decided to hold freight with resellers until a new contract is negotiated that addresses these increased expenses. Unfortunately, this means there will be delays that will impact our internal projects.”
   [Public Administration] 

• “Supply chain reliability for aviation parts and consumables has generally improved, but volatility in jet fuel prices -- driven by geopolitical and logistics disruptions -- continues to complicate forecasting and inventory planning. Wage inflation and a tight labor market for skilled personnel are increasing supplier service costs, and growing sustainability expectations are raising demand (and cost) for sustainable aviation fuel, with availability still uneven by region. Overall, conditions are more stable than during the peak of supply chain disruptions, but elevated fuel, labor and sustainability-related costs remain key factors shaping our purchasing strategy and industry outlook.”
   [Transportation & Warehousing] 

• “Inflationary pressures continue to impact pricing in certain categories. General concern over supply continuity due to unprecedented demand continues in the utility space.”
   [Utilities] 

• “Capital expenditure energy projects continue to be delayed or revamped based on macroeconomic factors. Data center power generation projects are driving demand and reducing available inventory across the piping market.”
   [Wholesale Trade]
  
  ===========

• Click here to view the complete ISM report
  
  

==========

CHART: ISM Non-Manufacturing (Services) Index
(NMI®) MAY 2026 Update

==========

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Crude Oil Inventories Report for Week Ending May 29, 2026

Crude Oil Inventories

The U.S. Crude Oil Inventories report for the week that ended on May 29, 2026 was released this morning:

-- Δ from Last Week: -16,000,000 Barrels (-1.98%)

-- Δ from 1-Year Previous: -47,100,000 Barrels (-5.62%)

-- Current U.S. Crude Oil Stocks: 790,800,000 Barrels

• NB: Δ = Change

Diminishing crude oil inventories often translate to higher crude oil and fuel prices (and vice versa), but not always.

The report is produced by the U.S. Energy Information Administration (EIA).

• Click Here for the Weekly Crude Oil Price
  
  

• Click Here for A Crude Oil Price Chart
  
  
• Click Here for the FULL (Extended) Weekly Petroleum Status Report
  
  
• Click Here for the Weekly Petroleum Status Report DATA OVERVIEW
  
  
• Click Here for the Weekly Petroleum Status Report HIGHLIGHTS

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Job Openings and Labor Turnover Survey (JOLTS) for APRIL 2026

Job Openings and Labor Turnover Survey (JOLTS*) for April, 2026 was released by the Labor Department this morning:

=============

Job Openings

Predicted: 7,100,000

• Actual:   7,618,000

-------------------------

• Previous Month (revised): 6,887,000
  
  
• Change from Previous Month: +10.61% (+731,000)
   
  
• One-Year Previous: 7,098,000
  
  
• Change from One-Year Previous: +7.33% (+520,000)
  

=============

HIRES: 5,116,000

HIRES vs. 12-Months Previous: -5.1% (-275,000)

-----------

QUITS: 2,977,000

QUITS vs. 12-Months Previous: -5.31% (-167,000)

-----------

LAYOFFS + DISCHARGES: 1,692,000 

LAYOFFS + DISCHARGES vs. 12-Months Previous: -6.93% (-126,000)

-----------

TOTAL SEPARATIONS ^§: 4,978,000

TOTAL SEPARATIONS vs. 12-Months Previous: -5.54% (-292,000)

=============

 

§ = Here's How The Labor Department Defines Total Separations:

"Total separations includes quits, layoffs and discharges, and other separations. Total separations is referred to as turnover. Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations includes separations due to retirement, death, disability, and transfers to other locations of the same firm."

=============

CHART: Number of Jobless People
per Job Opening, Seasonally Adjusted
APRIL 2011 thru APRIL 2026

=============
=============

• * = The JOLTS data series began back in December of 2000. 
  
  
• Click here to view the full Labor Department JOLTS report.
  

=============

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ISM Manufacturing Index for MAY 2026

The Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for May, 2026:

=========

Predicted: 54.0%

• Actual: 54.0% (+1.3 points month-on-month)

=========

Previous month: 52.7%

=========

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the made-in-the-USA sector contracted.

=========

From Today's Report:

"...Economic activity in the manufacturing sector expanded in May for the fifth consecutive month, say the nation’s supply executives in the latest ISM® Manufacturing PMI® Report..."

=========

The Following Is A Sampling Of Quotes
From A Diverse Pool Of U.S. Manufacturers:

• “Continued dynamic random-access memory (DRAM) volatility, increased gas prices and tariffs are causing long lead constraints and price hikes that customers are not willing to bear. Panic is starting within our industry.”
   [Electrical Equipment, Appliances + Components] 

• “Impact of Iran invasion starting to directly and negatively impact cost of supply chain. Oil and related commodities are escalating in price.”
   [Transportation Equipment] 

• “The Middle East conflict is triggering shipment delays and uncertainties. Elevated gas prices and inflation will surely impact our purchases. However, over the last quarter, we’ve seen increased demand that was unexpected.”
   [Machinery] 

• “As with all companies, we have felt the effects of fuel-related inflation and general market uncertainty due to overall economic variability and geopolitical events that have impacted such markets as construction, automotive and agriculture, as well as the general industrial sector.”
   [Chemical Products] 

• “Continuing trends of 15-percent sales increase in April, cost increases on a majority of raw materials, and fuel charges on many inbound and outbound deliveries. We remain cautiously optimistic that if global economic factors stabilize and the Iran invasion ends, we can continue with increased sales and maintain acceptable margins.”
   [Chemical Products] 

• “Cost of diesel is having huge impacts on our profitability. Confusion abounds around tariff refunds. We purchase many imported goods but in most cases are not the importer of record, so it is currently unclear to what we may be entitled.”
   [Food, Beverage + Tobacco Products] 

• “Prices continue to rise for many products -- some due to increase in data center creation for electronic components, others as a result of the Iran invasion and reductions in availability of oil/petroleum.”
   [Computer + Electronic Products] 

• “Supply constraints continue to propagate and are a key headwind to supporting increased aerospace and defense demand. Semiconductors, critical minerals and certain types of raw materials are illustrative examples of sales plans at risk. Corporate risk mitigation actions are underway to secure supply in the midst of constraints.”
   [Transportation Equipment] 

• “The current atmosphere is one of extreme uncertainty and concern for the future in terms of both price stability and longer-term supply continuity related to the  Iran invasion and Strait of Hormuz closure. We have a lot of negotiations in process related to requested price increases, some related to oil prices and some still fallout from the 2025 tariff/geopolitical climate.”
   [Miscellaneous Manufacturing] 

• “Business appears to be weakening -- uncertainty surrounding the Iran invasion, rising energy prices and customers unwilling to commit to expenditures beyond a very short term.”
   [Fabricated Metal Products]
  

==========

CHART: ISM Manufacturing Index

MAY 2026 Update

=========

DATA: ISM Manufacturing Index

12-Month History
MAY 2026 Update

=========

=========

• Click here to view the complete ISM report

=========

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Gross Domestic Product (GDP): SECOND / PRELIMINARY Estimate for Q1, 2026

The Commerce Department's Bureau of Economic Analysis (BEA) released its SECOND estimate for U.S. Real Gross Domestic Product (GDP) for the first quarter of 2026:

============

Previous quarter: +0.5%

• Actual: +1.6%

============

The GDP is a very broad measure of economic activity for the entire United States, covering all sectors of the economy. The Commerce Department defines real GDP as, "the output of goods and services produced by labor and property located in the United States."

============ 

CHART: Real GDP
Percent Change from the Preceding Quarter

Q1, 2026 - SECOND ESTIMATE

============ 

 

• Click here to view the full Commerce Department report (PDF).
  

============

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New Unemployment Insurance Claims for The Week of May 23, 2026

Jobless Claims

Earlier today, the Labor Department released its weekly report on New Jobless Insurance Claims for the week that ended on May 23, 2026:

====================
Predicted: 212,000

• Actual: 215,000

====================

The yellow-highlighted figure represents the number of first-time claims for unemployment benefits for the entire United States. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

 --> Previous Week (revised): 210,000

• 4-Week Moving Average: 209,000

====================

• Click here to view the full Labor Department report

===================

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Crude Oil Inventories Report for Week Ending May 22, 2026

Crude Oil Inventories

The U.S. Crude Oil Inventories report for the week that ended on May 22, 2026 was released this morning:

-- Δ from Last Week: -12,400,000 Barrels (-1.51%)

-- Δ from 1-Year Previous: -34,900,000 Barrels (-4.15%)

-- Current U.S. Crude Oil Stocks: 806,800,000 Barrels

• NB: Δ = Change

Diminishing crude oil inventories often translate to higher crude oil and fuel prices (and vice versa), but not always.

The report is produced by the U.S. Energy Information Administration (EIA).

• Click Here for the Weekly Crude Oil Price
  
  

• Click Here for A Crude Oil Price Chart
  
  
• Click Here for the FULL (Extended) Weekly Petroleum Status Report
  
  
• Click Here for the Weekly Petroleum Status Report DATA OVERVIEW
  
  
• Click Here for the Weekly Petroleum Status Report HIGHLIGHTS

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Housing Starts During APRIL 2026

The U.S. Commerce Department this morning released its Housing Starts report for April, 2026:

---------------------------------------------------

Housing Starts:
Previous Reading (revised): 1,507,000

• Actual: 1,465,000

Month-on-Month Change: -2.79% (-42,000 New Units)

• Year-on-Year Change: +4.64% (+65,000 New Units)

---------------------------------------------------

Building Permits:
Previous Reading (revised): 1,363,000

• Actual: 1,442,000

Month-on-Month Change: +5.8% (+79,000 New Permits)

• Year-on-Year Change: -0.21%  (-3,000 New Permits)

----------------------------------------------------

Housing Starts: The top, yellow-highlighted figure is a measure of initial construction of single and multi-family residential units in the United States for the indicated month. Seasonally adjusted annual rate. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

If you're wondering about the demand for new homes in the United States, or about the American residential construction industry in general, then you should pay attention to the monthly Housing Starts report. This report also offers insight into specific types of consumer spending: when housing starts are up, demand for the stuff that a consumer would purchase for a new home (large appliances, consumer electronics, furniture, etc.) tends to also rise -- and vice versa.

=================

CHART: Housing Starts

+ Building Permits
+ Completions
APRIL 2026 UPDATE

=================

• Click here to view the full Commerce Department report (PDF)

================= 

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