Factory Production Declines for Third Consecutive Month
Washington, DC, March 16, 2015—Factory production in the U.S. declined 0.2% in February for a third consecutive month, says Bloomberg News.
This signals that cutbacks in manufacturing will hold back economic growth this quarter.
February’s drop followed a 0.3% drop in January that was initially estimated as a gain, figures from the Federal Reserve in Washington showed Monday.
Total industrial production, which also includes mines and power plants, climbed 0.1%, propelled by a record surge in utility use as temperatures plummeted.
Delays at West Coast ports have probably disrupted supplies, while sluggish growth in foreign markets and a rising dollar that makes American products more expensive may be crimping demand, concludes Bloomberg.