US industrial output ahead

Industrial output in factories, mines and utilities rose at a faster-than-expected rate of 1.1% in May.

It came in at 116.9 on the Fed's index, surpassing the pre-recession peak of 116.4 recorded in June, 2000, the Federal Reserve said today.

Analysts had been expecting industrial production to rise 0.8% and capacity utilisation to increase to 77.4%.

Production of consumer goods rose 0.8% last month after rising 0.6% in April.

High-tech industries saw a 3.5% rise last month.

However, motor vehicle production fell 2.3%, the third consecutive monthly decline.