WASHINGTON — Industrial production dipped 0.5% in April after rising a revised 0.3% the previous month, while capacity utilization ticked down to 77.8% from a revised 78.3%, the Federal Reserve reported Wednesday.
March’s industrial production was originally reported as a 0.4% upswing, while capacity use was originally estimated at 78.5%
The April production decline was steeper than the expectations of economists polled by Thomson Reuters, who projected a 0.2% decrease. Estimated capacity utilization was just below their prediction of 78.3%.
Manufacturing output was down 0.4% for April following a 0.3% decrease the previous month. Utilities dropped 3.7% after a sharp 6.4% increase in March that the Fed attributed to unusually cold weather.
