US manufacturing sector production slows record | latest news

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US manufacturing production suffered a record decline in April as the emerging Corona Virus pandemic stalled supply chains and reduced demand, supporting economists’ expectations that the economy will contract in the second quarter at an unrecorded pace since the Great Depression.

The Federal Reserve said on Friday that the production of the manufacturing sector plunged 13.7 percent, the largest drop in the history of the series. March data was revised to show that factory production fell 5.5 percent, instead of a 6.3 percent drop in previously announced estimates.

Economists polled by Reuters had expected manufacturing production to drop 13 percent in April. Total industrial production fell 11.2 percent in April, the biggest decline in the history of the 101-year-old chain, after falling 4.5 percent in March.





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