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U.S. Industrial Production Unexpectedly Dips 0.2% In May
(RTTNews) - Industrial production in the U.S. unexpectedly saw a modest decrease in the month of May, according to a report released by the Federal Reserve on Tuesday.
The Fed said industrial production dipped by 0.2 percent in May following a revised 0.1 percent uptick in April.
Economists had expected industrial production to inch up by 0.1 percent compared to the unchanged reading originally reported for the previous month.
The unexpected decrease by industrial production came amid a sharp pullback by utilities output, which tumbled by 2.9 percent in May after surging by 4.9 percent in April.
Meanwhile, the Fed said manufacturing output crept up 0.1 percent in May, driven by a 4.9 percent spike in the production of motor vehicles and parts. Manufacturing output excluding motor vehicles and parts fell by 0.3 percent.
The report said mining output also inched up by 0.1 percent in May following a 0.3 percent decline in the previous month.
The Fed also said capacity utilization in the industrial sector fell to 77.4 percent in May from 77.7 percent in April. Economists had expected capacity utilization to remain unchanged.
Capacity utilization in the utilities sector slid to 68.5 percent, while capacity utilization in the manufacturing sector was unchanged at 76.7 percent and capacity utilization in the mining sector ticked up to 91.1 percent.
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