6/15/2012 10:20:00 AM
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Industrial production dipped 0.1% in May in the second decline in three months, the Federal Reserve said Friday.
The downturn in activity at factories, mines and utilities followed a revised 1% climb in April that was originally reported as a 1.1% gain.
Economists had projected a 0.1% increase in May, Bloomberg reported.
Factory production, which makes up three-quarters of the total, fell 0.4%.
Production of automobiles and parts fell 1.5%, following a 4% increase. Factory production excluding autos declined 0.3%.
Capacity utilization, which measures plant output, declined to 79%, from 79.2% in April.
Manufacturing accounts for about an eighth of the U.S. economy and the factory sector is one of trucking’s largest and most important customers.
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