China's economy is slowiing, Europe is on the ropes & 'they' didn't expect a decline in industrial production???
Industrial Production in U.S. Unexpectedly Dropped in May
By Alex Kowalski - Jun 15, 2012 9:15 AM ET
Industrial production in the U.S. unexpectedly fell in May for the second time in three months as factories turned out fewer vehicles and consumer goods.
Output at factories, mines and utilities decreased 0.1 percent last month after a revised 1 percent gain in April, the Federal Reserve reported today in Washington. Economists forecast a 0.1 percent advance, according to the Bloomberg News survey median. Manufacturing, which makes up about 75 percent of total production, dropped 0.4 percent last month.
Less factory production represents a pause in the industry that helped the world’s largest economy emerge from recession three years ago. Slumps in some parts of Europe and a slowdown in Asia may temper demand for U.S.-made products at the same time companies limit purchases of new equipment.
“Manufacturing looks to have softened in May,” Dean Maki, New York-based chief U.S. economist at Barclays Plc, said before the report. “But manufacturers are still doing reasonably well, especially in comparison to other parts of the world, especially Europe. Part of is that demand growth in the U.S. is stronger than in Europe.”
Projections from the 79 economists in the Bloomberg survey ranged from a decline of 0.3 percent to an increase of 1.1 percent. April’s industrial production figure was previously reported as a 1.1 percent gain.
The release showed motor vehicle and parts production dropped 1.5 percent in May after a 4 percent surge the month before. Autos in May sold at a 13.73 million annual rate, down from 14.38 million in April and the slowest this year, according to data from Ward’s Automotive Group.
more:
http://www.bloomberg.com/news/2012-06-15/industrial-production-in-u-s-unexpectedly-dropped-in-may.html
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