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May Industrial Activity Down More Than Expected

Industrial production at U.S. factories, mines, and utilities fell 1.1 percent in May, according to the U.S. Federal Reserve. The decline was slightly more than the 0.9 percent average prediction from economists surveyed by the Associated Press (AP). Production in the manufacturing sector dropped 1 percent, down from a revised figure of 0.6 percent in April. Production fell 2.1 percent in mining and 1.4 percent in utilities. By category, automotive and parts fell 7.9 percent; machinery by 3.4 percent; home electronics by 1.9 percent; and appliances, furniture, and carpeting by 1.1 percent. The overall operating rate fell to 68.3 percent in May, which AP says is a record low dating back to 1967.

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