U.S. industrial production fell more than expected in March as output declined broadly, the latest indication that economic growth braked sharply in the first quarter.
Industrial output decreased 0.6 percent last month after a downwardly revised 0.6 percent drop in February, the Federal Reserve said on Friday. Industrial production has declined in six of the last seven months.
Economists polled by Reuters had forecast industrial production slipping 0.1 percent last month after a previously reported 0.5 percent drop in February.
Industrial production fell at an annual rate of 2.2 percent in the first quarter. The report joined data on retail sales, business spending, trade and wholesale inventories in suggesting that economic growth slowed to a crawl at the turn of the year.But hey, free trade and uncontrolled immigration are good for the economy, right?
Who needs factories? We can all go work for a tax-exempt foundation in Washington churning out op-eds for the Weekly Standard.