US industrial production unexpectedly falls

(Sharecast News) - Industrial production in the United States unexpectedly fell in May, according to data out on Tuesday from the Federal Reserve. Industrial production was 0.2% lower over the month, following a 0.1% increase in April, missing the consensus estimate for a 0.1% gain.

According to the Fed, manufacturing output - which accounts for around four fifths of total industrial production - was up 0.1% in May, rebounding slightly after a 0.5% decline the month before, helped by a 4.9% increase in output of motor vehicles and parts.

However, utilities production dropped 2.9%, following a 4.9% gain previously, with a 3.6% fall in electric utilities output more than offsetting a 2.7% increase in the output of natural gas utilities.

Mining output meanwhile edged 0.1% higher after falling 0.3% the month before.