Industrial production slowed more than expected in March.
Production fell 0.6% in March, more than the 0.3% decline that was expected.
Capacity utilization also declined more than expected, hitting 78.4%, down from 78.9% in February and missing expectations for a decline to 78.6%.
In the first quarter, industrial production fell at an annualized rate of 1%, the first annual decline since the second quarter of 2009.
Here’s the Fed’s statement:
For the first quarter of 2015 as a whole, industrial production declined at an annual rate of 1.0 per cent, the first quarterly decrease since the second quarter of 2009. The decline last quarter resulted from a drop in oil and gas well drilling and servicing of more than 60 per cent at an annual rate and from a decrease in manufacturing production of 1.2 per cent.
More to come…