Credit, Economy and Financial News from TruckingFactor.com

Industrial Production Down 1.8% in January

Due partly to auto plant shutdowns, industrial production fell 1.8%, following a downwardly revised 2.4% drop in December, the Federal Reserve reported. The latest report showed that factory production declined 2.5% in January, which was partially the result of shutdowns at auto-making plants. Production at mines fell 1.3%, while production at utilities increased 2.7%. Manufacturers have slashed production and payrolls amid weak demand and a declining economy. The housing market slump has sapped demand for all types of building materials and equipment, as well as various consumer goods, including furniture, carpet and household appliances.

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Date Last Updated: 02/20/2009