After reporting a sharp increase in U.S. industrial production in the previous month, the Federal Reserve released a report showing industrial production edged modestly higher in the month of May. Industrial production crept up by 0.2 percent in May after surging by an upwardly revised 1.4 percent in April. The uptick in industrial production came as mining and utilities output shot up by 1.3 percent and 1.0 percent, respectively, offsetting a 0.1 percent dip in manufacturing output. The report also showed capacity utilization in the industrial sector inched up to 79.0 percent in May from a downwardly revised 78.9 percent in April. Powered by Commodity Insights
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