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US factory production declined 0.4 % in May
Posted: Jun 15, 2012 6:36 AM by Associated Press
WASHINGTON (AP) - U.S. factories produced less in May than April, as automakers cut back on output for the first time in six months. The report indicates that manufacturing, a key driver of the economic growth, is slowing.
The Federal Reserve says factory output declined 0.4 percent last month, after increasing 0.7 percent in April. Auto production fell 1.5 percent, the first drop since November. Auto sales rose sharply earlier this year but slowed in May.
Overall industrial production, which includes mines and utilities, dipped 0.1 percent, after a solid 1 percent rise in April. Both mines and utilities increased production.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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