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US manufacturing output posts largest drop since 1946

US manufacturing output posts largest drop since 1946

US manufacturing output fell 6.3%% in March, the steepest decline since early 1946 as a result of the pandemic, the Federal Reserve said Wednesday. Most major industries posted declines. Production of motor vehicles and parts declined 28%. Mining output fell 2% in March and utility production fell 3.9%. Business equipment output decreased 8.6% while production of construction supplies fell 5.8%.

Timothy
Timothy
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