U.S. industrial production unexpectedly slipped in May, after two months of gains.
Factories in the mid-Atlantic region saw a decline in activity for the first time since 2021 in June, according to the Federal Reserve Bank of Philadelphia.
Production fell 0.2 percent last month, as manufacturing struggled under the weight of higher interest rates, after a 0.5 percent rise in April, the Federal Reserve said on June 15.
Industrial production, which measures factory, mining, and utility output, is 0.3 percent below its year earlier levels.
The latest news adds to signs of slowing economic growth, as housing and consumer spending began to dip, due to high inflation and rising interest rates….