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US industrial production down for 5 straight months
(MENAFN) US industrial production declined for a fifth consecutive month in April as mining and utilities output fell and manufacturing stagnated, The Peninsula Qatar reported.
Total industrial output fell 0.3 percent for the second month in April. The March decline previously was estimated at 0.6 percent, the US Federal Reserve reported.
Analysts had expected industries would raise output a slight 0.1 percent in April. The nation's industrial output has fallen steadily since a 1.1 percent gain last November.
"These numbers don't look great but they are exactly what should be expected in the immediate aftermath of a plunge in oil prices in a country which is a big oil producer as well as a huge consumer," economists said.
Total industrial output fell 0.3 percent for the second month in April. The March decline previously was estimated at 0.6 percent, the US Federal Reserve reported.
Analysts had expected industries would raise output a slight 0.1 percent in April. The nation's industrial output has fallen steadily since a 1.1 percent gain last November.
"These numbers don't look great but they are exactly what should be expected in the immediate aftermath of a plunge in oil prices in a country which is a big oil producer as well as a huge consumer," economists said.
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