US forest industry performance in April and May was recently reported by both the US government and the Institute for Supply Management.  Total industrial production (IP) fell 0.5 percent in April, and the rates of change for the six prior months were revised down on net. Output in 1Q is now reported to have declined at an annualized 1.9 percent (originally -0.3 percent). Manufacturing output moved down 0.5 percent (-0.3 percent excluding autos) in April after being unchanged in March. Paper was among the largest gainers (+1.2 percent), with Wood Products trailing ...