Industrial output falls on mining, utilities
Reuters
Published Apr 15, 2015 09:19AM ET
Industrial output falls on mining, utilities
WASHINGTON (Reuters) - Industrial production recorded its biggest drop in more than 2-1/2 years in March, weighed down by a decline in mining and utilities output, fresh evidence that economic growth slowed sharply in the first quarter.
Industrial production fell 0.6 percent after edging up 0.1 percent in February, the Federal Reserve said on Wednesday. March's decline was the largest since August 2012 and was worse than economists' expectations for only a 0.3 percent drop.
Manufacturing output ticked up 0.1 percent. Utilities production tumbled 5.9 percent, reversing February's 5.7 percent increase. A 17.7 percent plunge in oil and gas well drilling pulled mining production down 0.7 percent last month.
For the first quarter, industrial production declined at an annual rate of 1.0 percent, the first quarterly decrease since the second quarter of 2009. Oil and gas well drilling and servicing, which tumbled at a more than 60 percent annual rate, accounted for the bulk of the drop in industrial output in the first quarter.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.