Source: Morath, Wall Street Journal
This quarter marks the first time U.S. industrial output has declined since the end of the recession (2nd quarter of 2009). This specific economic indicator measures output from manufacturing, mining, and utility industries, and historically, has been helpful in forecasting GDP growth and general economic prosperity. The Fed has stated that this decline is due to the recent "drop in oil and gas well servicing."
Decreasing production is never a good sign for the economy, but it's a bit too early to tell whether this decline is just part of the natural cycle, or an additional symptom of a stalling economy. GDP, consumer spending, investment, have all been slowing recently. However, the oil industry is seeing a bit of a rebound (link), which could be a sign that this slump is just temporary.
Do you think that the industrial production numbers this quarter should be something to worry about? Take a look at the chart above for historical data.