U.S. manufacturing output dropped by the most since 1946 in March as the novel coronavirus pandemic fractured supply chains, suggesting business ...
U.S. manufacturing output dropped by the most since 1946 in March as the novel coronavirus pandemic fractured supply chains, suggesting business investment contracted further in the first quarter.
FILE PHOTO: Line workers spot weld parts of the frame on the flex line at Nissan Motor Co's automobile manufacturing plant in Smyrna, Tennessee, U.S., August 23, 2018. REUTERS/William DeShazerWASHINGTON: U.S. manufacturing output dropped by the most since 1946 in March as the novel coronavirus pandemic fractured supply chains, suggesting business investment contracted further in the first quarter.
The Federal Reserve said on Wednesday manufacturing production plummeted 6.3per cent last month, the biggest decrease since February 1946. Data for February was revised down to show output at factories slipping 0.1per cent instead of edging up 0.1per cent as previously reported. Economists polled by Reuters had forecast manufacturing output dropping 3.2per cent in March.
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