WASHINGTON- The Federal Reserve says factory production increased 0.4 percent last month. The increase follows April's decline of 0.5 percent. A rise in business equipment and construction materials offset the second straight decline in auto production. A parts shortage out of Japan has hampered U.S. car manufacturers.
Overall industrial production was basically flat for the second month in a row. It was dragged down by a decline in utility activity caused by milder spring weather. Industrial production has risen nearly 11.5 percent since a recession-low in June 2009. Production remains 7 percent below its pre-recession peak in September 2007.
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