The easing of industrial output added to signs of an economic slowdown. Factories in the mid-Atlantic region saw diminished activity for the first time in two years this month, the Federal Reserve Bank of Philadelphia said. Home construction in the U.S. declined in May, the Commerce Department said this week. Americans also pulled back spending at retailers for the first time this year in May, the Commerce Department said earlier this week. “The pace at which everything is changing is quite alarming,” said Oren Klachkin, lead U.S. economist at Oxford Economics. He said the economy still stands on fairly solid ground that can withstand inflation, supply-chain issues and rising interest rates . “But there is certainly a risk of a recession here coming up,” he added. Mr. Klachkin said the decline in manufacturing could be a sign that the country is transitioning into a more normal economy following changes […]