2023.06.1514:06:00UTC+00U.S. Industrial Production Unexpectedly Dips 0.2% In May

The Federal Reserve released a report on Thursday unexpectedly showing a modest decrease in U.S. industrial production in the month of May.

The Fed said industrial production slipped by 0.2 percent in May after climbing by 0.5 percent in April, while economists had expected production to inch up by 0.1 percent.

The unexpected dip in production was led by a continued slump in utilities output, which tumbled by 1.8 percent for the second consecutive month.

Mining output also fell by 0.4 percent in May after rising by 0.3 percent in April, while manufacturing output crept up by 0.1 percent in May following a 0.9 percent advance in April.