Industrial production fell 0.1 percent in May after an upwardly revised 0.9 percent increase in April, according to the Federal Reserve. Capacity utilization nudged down to 77.9 percent in May, but remains the second highest level in three years.
Manufacturing output declined 0.7 percent after remaining unchanged last month. Production of durable goods decreased 1.0 percent, while nondurable goods production was little changed. Capacity utilization for manufacturing fell 0.6 percentage point to 75.3 percent, a rate that is 3.0 percentage points below its long-run average.
The output of mining rose 1.8 percent after increasing 1.0 percent in April. The index in May was 12.6 percent higher than its year-earlier level.
Utilities increased 1.1 percent in May, after rising 3.2 percent in April. The index in May was 4.0 percent higher than its year-earlier level.
Read the Fed release.
