U.S. Industrial Production Fell 1.4% in February |
Bloomberg - Mar 16, 2009 |
Industrial production fell in February for the fourth consecutive month as auto cutbacks and collapsing exports hurt the broader U.S. economy.
Output at factories, mines and utilities dropped 1.4 percent last month, more than forecast, after a revised 1.9 decline in January, the Federal Reserve said today in Washington. The amount of factory capacity in use slumped to 70.9 percent, matching the lowest level on record.
The worst financial crisis in seven decades has choked off credit to consumers and businesses worldwide, leading to a slump in sales of cars, houses, airplanes and computers. Boeing Co. and United Technologies Corp. are among companies that have announced thousands of jobs will be cut to trim costs as the global economy contracts.
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- Posted: 2009-03-16 09:40:06
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