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Industrial Production Down 1.5% in March

Industrial production fell for the fifth consecutive month in March, the Federal Reserve said, as companies cut output in order to clear stockpiles of goods. Production at the nation's factories, mines and utilities dropped a seasonally adjusted 1.5%, matching February's decline. However, economists expect the downward trend to moderate soon, as businesses bring inventories in line with slower sales. Manufacturing output fell 1.7% in March, the Fed said, led by a 3.6% drop in electronic goods production, as well as declines in appliance, furniture and carpet manufacturing. Auto industry production rose 1.5%, the second straight increase after a steep drop in January. Gas and electric utilities increased output by 1.8% in March.

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Date Last Updated: 04/20/2009