Industrial production slips in May
June 15, 2012
After gaining 1% in April, industrial production edged down 0.1% in May as the manufacturing sector gave back a large part of its strong gains the month before. Manufacturing production dropped 0.4% in May after gaining 0.7% in April. The output of mines rose 0.9% in May, while the output of utilities rose 0.8%. At 97.3% of its 2007 average, total industrial production in May was 4.7% above its year-earlier level. Capacity utilization for total industry declined slightly to 79%, a rate 1.3 percentage points below its long-run (1972-2011) average.
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