U.S. Industrial Production Dips in May

U.S. industrial production fell in May, with the probably culprits being a strong dollar and cuts in energy spending.

As for the numbers, industrial output fell 0.2 percent after a revised 0.5 percent drop in April, the Federal Reserve reported. In contrast, economists polled by Reuters had forecast industrial production rising 0.2 percent in May.

Oops.

Adding to concerns, mining production declined 0.3 percent as oil and gas well drilling fell 7.9 percent.

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