Fed: Industrial Production Dipped in May

June 17, 2008 6:33:51 AM PDT
Industrial production dipped in May, underscoring the strain on factories from the deep housing slump. The Federal Reserve reported Tuesday that output at the nation's factories, mines and utilities fell 0.2 percent in May, following a 0.7 percent decline in April.

The latest report on manufacturing activity disappointed economists. They were forecasting a tiny 0.1 percent rise in overall production.