U.S. industrial production fell 0.5 percent in April, dropping for the sixth consecutive month but at a more modest pace than in recent months, Federal Reserve data showed on Friday. Economists polled by Reuters had expected a drop of 0.6 percent in April, compared with a 1.7 percent slide in March, which was initially reported as a 1.5 percent fall. The figures provided more evidence that the pace of recession may be easing after back-to-back quarters of sharp contractions in gross domestic product. The capacity utilization rate for total industry, a measure of slack in the economy, fell to 69.1 percent in April, the lowest level on records dating back to 1967. Production in manufacturing declined 0.3 percent in April, and was 16 percent below its recent peak in December 2007, which was when the current recession began.

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