Industrial production fell 0.1% in March, the Federal Reserve said Tuesday. This is the fourth straight month of weak readings.
The numbers: Industrial production fell 0.1% in March, the Federal Reserve reported Tuesday. The gain was below Wall Street expectations of a 0.1% gain. This is the fourth straight weak reading for industrial production. Production rose 0.1% in February after a 0.3% decline in January.
What happened: Manufacturing output was unchanged in March after falling for the past two months. Auto production fell 2.5%. For the first quarter, auto production was down at a 12.8% annual rate, the biggest decline in almost eight years. Construction material and business equipment had sizeable increases.
Capacity utilization fell to 78.8% in March, the lowest rate since last July. The capacity utilization rate reflects the limits to operating the nation’s factories, mines and utilities. It’s still below pre-recession levels, above 80%, that could fan production costs and prices.
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