FXstreet.com (Barcelona) - Industrial production posted a sharper than expected decline in April on the back of a steep decline on manufacturing output, capacity utilization also declined, according to data released by the US Federal Reserve.
In April, industrial production fell 0.7%, further than the 0.4% decline expected by the market, weighed by a 0.8% decline in manufacturing output which, itself, was held down by a large drop in motor vehicles and parts. Excluding autos, manufacturing production fell 0.4%.
Output of utilities has risen 0.3%, after a 0.7% increase on the previous month, while the mining output decreased 0.8% in April after having risen 1.0% in March.
The rate of capacity utiliation decreased 0.7% to a 79.7%, which is 1.3% below the 1972-2007 moving average.