By Greg Robb
WASHINGTON (MarketWatch) - Industrial production was unchanged in May, the second straight weak monthly report, the Federal Reserve said Friday. The flat reading was below economists' forecasts of a 0.1% gain. April's production was revised slightly higher to a drop of 0.4% from the initial estimate of a 0.5% drop. Output at factories alone increased 0.1% in May after two straight monthly declines. The sector has seen little growth since the turn of the year, the Fed said. Auto-related production rose 0.7% in May after a 0.4% drop in the prior month. Excluding the auto sector, output was unchanged. Over the past year, industrial output has risen 1.6%. Capacity utilization - a gauge of slack in the economy - fell to 77.6% in May from 77.8% in April, below the average of 80.2% from 1972-2012.
