Economic Report: Industrial production slumps 0.5% in April
The numbers: Industrial production in April slumped 0.5%, the Federal Reserve announced Wednesday in a downbeat report that included downward revisions.
Capacity utilization fell sharply to 77.9% from an upwardly revised 78.8%.
Economists polled by MarketWatch expected a 0.1% drop for production and a decline in utilization fell to 78.6%.
What happened: Most major market groups reported worse production in April, the Fed said. There were drops in automotive, chemical products and consumer energy products.
The output of utilities fell 3.5% in April, as demand for heating decreased because of temperatures that were warmer than normal.
Market reaction: Futures on the Dow Jones Industrial Average DJIA, +0.82% were pointing lower on Wednesday, with data on retail sales also being released and showing a 0.2% decline.
The yield on the benchmark 10-year Treasury TMUBMUSD10Y, -2.05% fell 4 basis points to 2.37%.