Industrial production in the nation was down 0.2% in May while capacity utilization fell to 79.4, according to data released by the Federal Reserve Board yesterday.
The drop in production level followed a 0.7% decrease in April, while that month’s capacity use was a revised 79.6, originally reported as 79.7.
IFR Markets had forecast a 0.1% increase in production, and an 79.7% level for capacity utilization.
Excluding motor vehicles and parts, production fell 0.2%, while excluding high-tech industry, production also slipped 0.2%. Excluding both categories, production was down 0.3%.
By industry group, manufacturing fell 1.8% at utilities, with electric utilities off 2.7% and gas rising 2.1% Mining production rose 0.1% in the month.
Manufacturing capacity fell to 77.5 from 77.7 last month, while utilities capacity slid to 83.7 from 85.4.
