US industrial production plummets in March with auto output weakest
Ford Motor Co.
$12.93
08:50 08/07/24
US industrial output plummeted in March in the wake of the Covid-19 pandemic which resulted in broad based weakness across all sectors, but above all in the automotive space.
According to the Department of Commerce, industrial production fell at a month-on-month pace of 5.4%.
Manufacturing output was down by 6.3% on the month, versus declines of 2.0% in mining and of 3.9% in utilities.
Within the former, factory output of durable goods shrank by 9.1%, led by a 28% drop in that of motor vehicles and parts.
Declines of 8-10% were also seen in fabricated metal products, aerospace and miscellaneous transportation equipment, furniture and related products, and miscellaneous manufacturing.
Output of non-durables meanwhile fell by 3.2%.
The degree of total capacity utilisation in industry fell from 77.0% for February to 72.7% in March.