May industrial production misses forecast
Industrial production in the United States rose less than forecast in May, restrained by a slump in utility output and shortages of auto parts from Japan.
Output at factories, mines and utilities rose 0.1 percent after no change the prior month, figures from the Federal Reserve showed Wednesday. Economists projected a 0.2 percent gain, according to the median estimate in a Bloomberg News survey.
Factory output, which makes up 75 percent of the total, climbed 0.4 percent, while production of automobiles and parts fell 1.5 percent, the Fed report showed. Excluding autos, manufacturing rose 0.6 percent, the strongest gain this year.
Production of business equipment rose 1.2 percent after a 0.3 percent dip; computers and electronic products, 1.4 percent after no change.
'I've never seen fire sitting on the water' Three Newsday photographers talk to NewsdayTV's Macy Egeland about covering the tragic crash of TWA Flight 800 in 1996.
'I've never seen fire sitting on the water' Three Newsday photographers talk to NewsdayTV's Macy Egeland about covering the tragic crash of TWA Flight 800 in 1996.
