Industrial Production Edges Up in May
NEW YORK ( TheStreet) -- A slight rise in production levels in U.S. mines, utilities and factories suggests that the pace of economic recovery is still moving at a snail's pace.
Industrial production rose by 0.1% last month, after staying flat in April, according to a report from the Federal Reserve.
The marginal rise for May came in worse than forecast, with supply disruptions in Japan pulling down performance in the auto sector. Briefing.com had projected a 0.2% gain in industrial production to 77% capacity use. Capacity use is a measure of how close companies are pushing their facilities to maximum output.
Manufacturing production gained 0.4% in May after a 0.5% drop in April.Earlier, the New York Fed reported that manufacturing according to the Empire State manufacturing index fell 20 points, from 11.88 in May to negative 7.8 in June. The latest round-up in production numbers have already put a break on yesterday's market gains. The Dow Jones Industrial Average is down 90 points so far at 11986. -- Written by Chao Deng in New York.
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