WASHINGTON – Output at U.S. factories, mines and utilities unexpectedly fell 0.1 percent in May, due largely to a fall in motor vehicle production, a Federal Reserve report showed Thursday.
Click here to visit FOXBusiness.com's Economy page.
Wall Street economists polled by Reuters were expecting growth in industrial production to rise by 0.2 percent in May after an April increase of 0.8 percent.
Industrial capacity use dipped to 81.7 percent in May from 81.9 percent in April. Analysts were expecting May capacity use to edge up to 82.0 percent.
Driving a durable goods production decline of 0.2 percent in May was a 1.3 percent fall in the output of motor vehicles and parts, the Fed report said. The annualized rate for motor vehicle assembly fell to 11.25 million vehicles from 11.73 million in April.
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox