Business News

Gloomy Economic News

US consumer sentiment dropped in May. The Thomson Reuters/University of Michigan's preliminary May reading on the index was 88.6. It was down from the previous month's reading of 95.9.  The decline in optimism about the economy was widespread among all age and income groups across the country. (CNBC)

U.S. industrial production fell for a fifth straight month in April, weighed down by declines in mining and utilities output. Industrial output slipped 0.3% after a revised 0.3% in March. Mining production fell 0.8% as oil and gas well drilling plunged 14.5%. It was the fourth straight monthly decline in mining output. Utilities production tumbled 1.3%, likely as warmer weather reduced demand for heating. (Reuters)

Economists cut their forecasts for U.S. economic growth in the second quarter and full year. Third-quarter 2015 growth is forecast at 3.1%, up from an estimate of 2.8% February's survey. The pace of hiring was expected to decelerate, with an average rate of monthly nonfarm job growth seen around 195,300. (Reuters)

Portland’s Precision Castparts reported quarterly profits of $135 million. The maker of components including industrial gas turbines and commercial airplane parts posted revenue of $2.5 billion. Precision Castparts shares have decreased 14% since the beginning of the year. The stock has fallen 19% in the last 12 months. (AP)

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