With a sharp drop in utilities output offsetting increases in manufacturing and mining output, the Federal Reserve released a report on Friday showing that U.S. industrial production unexpectedly came in unchanged in May.
The report said industrial production came in flat in May following a revised 0.4 percent decrease in April. Economists had expected production to rise by 0.2 percent compared to the 0.5 percent drop originally reported for the previous month.
Additionally, the Fed said the capacity utilization rate edged down to 77.6 percent in May from a revised 77.7 percent in April.
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