US industrial production slips 0.3% in April

Industrial production in the States unexpectedly contracted last month, marking the fifth straight decline in output.

According to figures from the Federal Reserve on Friday, US industrial production fell by a seasonally-adjusted 0.3% in April.

That followed a 0.6% decline in March.

Analysts had expected no change, though March's reading was revised up to show a 0.3% decrease from the initial estimate of -0.6%.

Manufacturing output was unchanged during April after an upwardly-revised 0.3% gain in March.

Meanwhile, the contraction in the mining sector worsened to -0.8% from -0.1%, its fourth straight decrease, on the back of a sharp fall in oil and gas well drilling.

Output from utilities also weakened by 1.3%, though that marked an improvement from the 5.4% drop recorded the month before.