U.S. industrial production declines 0.3% in April
The Federal Reserve released its industrial production report on Friday. The U.S. industrial production dropped 0.3% in April, missing expectations for a 0.1% increase, after a 0.3% decline in March.
March's figure was revised up from a 0.6% decrease.
The decline was driven by lower mining and utilities output. Mining output dropped by 0.8% in April as oil and gas drilling plunged 14.5%, while utility output fell by 1.3%.
The U.S. manufacturing production remained unchanged in April.
Capacity utilisation rate fell to 78.2% in April from 78.6% in March. March's figure was revised up 78.4%. Analysts had expected a capacity utilisation rate of 78.4%.
These figures are pointing to a slower economic growth in the U.S.
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