U.S. manufacturing output was unchanged in March after two straight monthly decl...
WASHINGTON - U.S. manufacturing output was unchanged in March after two straight monthly declines, leading to the largest quarterly decrease in production since 2017.
Motor vehicles and parts production dropped 2.5 percent last month after increasing 2.3 percent in February. An inventory overhang in the automobile sector is weighing on production, contributing to factory employment declining in March for the first time since July 2017. A survey from the New York Fed on Monday showed a measure of future business activity in New York state dropped to a more than three-year low in April, with companies downbeat about new orders and shipments.
The flat manufacturing output in March, together with a 0.8 percent drop in mining, lead to a 0.1 percent dip in industrial production. Industrial output edged up 0.1 percent in February. It fell at a 0.3 percent rate in the first quarter after rising at a 4.0 percent pace in the fourth quarter.
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