Industrial Production in U.S. Unexpectedly Dropped in May |
| Bloomberg - Jun 15, 2012 |
Industrial production unexpectedly fell and consumer confidence slid, adding to evidence of U.S. economic weakness days before Federal Reserve policy makers meet to decide whether more stimulus is needed.
Output at factories, mines and utilities decreased 0.1 percent last month after a revised 1 percent gain in April, the Fed reported today in Washington. The Thomson Reuters/University of Michigan index of consumer sentiment for June fell to 74.1, the lowest level this year, from 79.3 last month.
“We’re traveling along a canal of miserable growth,” said Brian Jones, a senior U.S. economist at Societe Generale in New York, who correctly forecast the decline in production. “It’s not fast enough to bring the unemployment rate down or generate an appreciable number of jobs, yet it’s not weak enough that we’re going back into recession.”
Stocks climbed for a second day on speculation the Fed will join central banks in taking steps to boost growth as Europe’s deepening debt crisis threatens the global economy. Shock waves from Europe are roiling U.S. markets, denting business and consumer confidence and cutting demand for American goods.
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- Posted: 2012-06-15 12:19:20
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