Industrial activity dips more than expected in May - KWWL - Eastern Iowa Breaking News, Weather, Closings

Industrial activity dips more than expected in May

Posted:

WASHINGTON (KWWL) - Industrial production tumbled more than expected last month as the recession crimped demand for a wide range of manufactured goods including cars, machinery and household appliances.

The Federal Reserve's report shows production at the nation's factories, mines and utilities fell 1.1 percent in May and has declined for seven straight months.

Output also turned out to be a bit weaker, a 0.7 percent decline, in April than the Fed initially reported.

The 1.1 percent drop in May was the deepest since a 1.8 percent plunge in March.

Online News Director Nate Leding

Powered by Frankly