| Industrial output fell in March, leading to the first quarterly decline in production since the recession in 2008, according to the Federal Reserve. Industrial production fell 0.6%, larger than the 0.5% forecast by economists. That’s off an annualized 1% in the first quarter, the first quarterly decrease since the second quarter of 2009. Analysts expect some pickup in the second quarter, but the Empire State factory index slipped into negative territory in April according to the New York Fed. There was a downward reversal in utility output in March following the increase during cold winter weather in February.Mining output, which includes oil exploration, was down for the third straight month, due to less exploration and investment following the collapse in the price of oil last summer. Manufacturing output grew a slim 0.1% led by a boost in auto production. Excluding autos and parts, manufacturing output actually fell and capacity utilization slipped in March to 78.4% from an upwardly revised 79.0% in February, slightly below 78.5% consensus. |
