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WASHINGTON (Dow Jones)--The U.S. economy remained weak through May, a roundup of reports from regional Federal Reserve districts released Wednesday showed, as consumers were "pinched" by rising food and energy prices and labor markets softened.

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U.S. industrial production slumped for the second straight month in May as the nation's utilities posted a sharp drop in output, the Federal Reserve said Tuesday.

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U.S. stocks remained in a narrow range Monday, though slightly higher in recent activity, as financials sold-off on the heels of a Federal Reserve meeting later this week.

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U.S. stock futures struggled to break out on Tuesday with a Federal Reserve interest rate decision looming, a further climb in oil prices, and a profit warning from United Parcel Service Inc. (UPS).

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A bounce back for the beaten-down financial sector and falling oil prices drove stocks into the green Wednesday, though trading was muted ahead of an interest rate decision and statement from the Federal Reserve, due out at 2:15 p.m. EDT.

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