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.

-- Bloomberg News