News Summary: US factory production down

News Summary: US factory production fell 0.4 percent in January led by big drop in auto output

Associated Press

FACTORY OUTPUT: U.S. factories slowed output in January because of a big drop in production at auto plants. Manufacturing fell 0.4 percent in January after gains of 1.1 percent in December and 1.7 percent in November.

INDUSTRIAL PRODUCTION: Overall industrial production dropped 0.1 percent. A big rise in utility output, reflecting colder weather, offset some of the weakness in manufacturing and mining.

OUTLOOK: U.S. manufacturing was hurt in 2012 by a weakening global economy which cut into exports and by sluggish consumer spending. The expectation is that 2013 will be slightly better, helped by continued improvements in auto sales.

Rates

View Comments (0)