Industrial Production Rises 0.1% in May

Industrial production rose 0.1% in May as factory output rose but utility output declined, the Federal Reserve said Wednesday.

The measure of output from factories, mines and utilities followed an unchanged reading in April. The increase was below economists’ forecasts of a 0.2% increase, Bloomberg reported.

Factory production, which makes up three-quarters of the total, rose 0.4%, led by a 1.2% gain in business equipment output, the most in four months, Bloomberg said.

Production of automobiles and parts fell 1.5%. Factory production excluding autos rose 0.6%.

Capacity utilization, which measures plant output, held at 76.7%.

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.