Industrial production slumped 0.5% in April, dragged lower by a big drop in utilities output but also by a drop in manufacturing, the Federal Reserve said Wednesday
Economists polled by MarketWatch expected a drop of 0.3%. In addition, March's growth was downwardly revised to 0.3% from 0.4%, and February's growth was downwardly revised to 0.9% from 1.1%
In April, manufacturing output fell 0.4%, mining output rose 0.9%, and utilities output dropped 3.7%, with the latter reflecting more normal April weather after an unusually cold March
Capacity utilization fell to 77.8% from a downwardly revised 78.3%
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