Today's release from the Federal Reserve on industrial production (including mining and utilities) told us that it declined by a seasonally adjusted 0.2 percent in May. It was the sixth consecutive month showing a decline or no gain, during which time output has fallen by 1.1 percent (not annualized).
Bloomberg News, which reported that economists and analysts expected an increase of 0.2 percent, described the result as "unexpected." Reuters gave us the adverb version of the U-word: "U.S. industrial production unexpectedly fell in May." In covering the news, Associated Press reporter Josh Boak failed to note the length of the protracted slump, and even went into a light version of "Happy Days Are (Still, Probably, We Really Hope) Here Again," using a sentiment survey to argue against the hard information collected by the Fed.