Industrial output contracts in US

WASHINGTON, June 16: The US industrial production contracted slightly in May after a strong gain in April, the Federal Reserve said, in another sign that the economy has slowed in recent weeks.

Industrial production slipped by 0.1 per cent last month, with the manufacturing component down 0.4 per cent. That followed an overall industrial production gain of 1.0 per cent in April, and 0.7 per cent for manufacturing.

Still, year on year for all industry the growth was 4.7 per cent, and 5.2 per cent for manufacturing.

Capacity utilisation, in May, was 79.0 per cent down from 79.2 per cent a month earlier; however, it has increased from 76.3 per cent in May 2011.—AFP

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