Saturday, May 17, 2008

Industrial production sharply down in April

U.S. industrial production fell 0.7% in April as the manufacturing sector recorded its worst drop in nearly three years.

The decline followed a revised 0.2% increase in industrial output in March.

Over the 12-month period through April, industrial production was 0.2% higher than the previous 12-month period.

Manufacturing output fell 0.8% in April, marking the largest decline since the index was off 1% in September 2005.

Manufacturing production was flat in March and fell 0.7% in February.

In another sign of a weakening economy, the number of people filing jobless claims for the first time rose by 6,000 to 371,000 on a seasonally adjusted basis for the one-week period ended May 10, according to a Department of Labor report.

Jobless claims for the one-week period ended May 3 were unrevised at 365,000.

The four-week average of initial jobless claims fell by 1,000 to 365,750.

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