U.S. industrial production falls 0.4% in May
The Federal Reserve released its industrial production report on Wednesday. The U.S. industrial production fell 0.4% in May, missing expectations for a 0.2% decrease, after a 0.6% rise in April. April's figure was revised down from a 0.7% increase.
The decrease was mainly driven by a drop in utilities. Mining output rose 0.2% in May, while utilities production slid 1.0%.
Manufacturing output was down 0.4% in May, after a 0.2% increase in April.
Capacity utilisation rate decreased to 74.9% in May from 75.3% in April, missing expectations for a fall to 75.2%. April's figure was revised down from 75.4%.