June 14, 2013 / 1:21 PM / 4 years ago

Industrial output flat in May

1 Min Read

A Ford Motor production worker assembles batteries for Ford electric and hybrid vehicles at the Ford Rawsonville Assembly Plant in Ypsilanti Twsp, Michigan November 7, 2012.Rebecca Cook

WASHINGTON (Reuters) - Industrial production was unchanged in May, the Federal Reserve said on Friday, compared with forecasts for a light increase after gains in manufacturing and mining were offset by a sharp drop in the output of utilities.

Analysts had expected a 0.2 percent rise in May industrial output following a revised 0.4 percent decline the previous month. Factory output rose 0.1 percent, matching expectations, while mining advanced 0.7 percent. But utilities output slumped by 1.8 percent.

Industrial capacity utilization, a measure of how fully firms are deploying their resources, edged down to 77.6 percent from 77.7 percent in April, a rate that lies 2.6 percentage points below its estimated long-run average. Analysts had forecast capacity utilization to come in at 77.9 percent.

Reporting by Timothy Ahmann; Editing by Chizu Nomiyama

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below