US Industrial Production Falls Sharply, But Manufacturing Output Rises

  • 2/5/2023
  • 21:40
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Washington, Jumada II 26, 1436, Apr 15, 2015, SPA -- U.S. industrial production recorded its biggest decline in nearly three years in March, due to drops in mining and utilities output, while manufacturing output rose for the first time since November, the government reported Wednesday. The Federal Reserve (Fed) said industrial production fell 0.6 percent last month after rising 0.1 percent in February. The decline was the biggest since August 2012 and exceeded economist expectations for a 0.3 percent drop. Manufacturing output—the biggest component of industrial production—rose 0.1 percent in March, following a 0.2 percent drop the previous month. Auto production jumped 3.2 percent. Utilities output dropped 5.9 percent, reversing February’s 5.7 percent increase. Mining output fell 0.7 percent, pulled lower by a 17.7 percent plunge in oil and natural-gas drilling. For the first quarter, industrial production declined at an annual rate of 1 percent, the first quarterly decrease since the spring of 2009. Oil and gas well drilling and servicing, which dropped at a more than 60 percent annual rate, accounted for most to the decrease in first-quarter industrial output, but manufacturers also have been struggling because a strong U.S. dollar has made their products more expensive in overseas markets. --SPA 22:39 LOCAL TIME 19:39 GMT www.spa.gov.sa/w

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