Factory Activities and Consumer Confidence both have a Downturn Darkening US Economic Outlook
For the fifth month in a row, the US industrial production dropped in April. One of the reasons of the drop can also be linked to the further turn down in the drilling of oil and gas. The figures sketch a dreary image of the growth for the U. S economy in the second quarter.
Additional data released yesterday revealed that the effort of the economy to pull up did not really succeed after a gloomy first quarter. There was a notable decline in consumer confidence also seen in early May with only an exception of a better factory activity in New York State.
The weak retail sales along with the data of producer inflation reported in the current week combined with the reports of yesterday does not suggest that the Federal Reserve is likely to raise the much awaited interest rates in the close future.
According to the US central bank, there was a drop in the industrial output by 0.3 percent following a revised drop of 0.3percent in March.
A fall of 14.5percent in drilling of oil and gas last month gave a further push downwards to the mining production, taking it down 0.8 percent. For the mining sector, it was the fourth month in a row that saw a downward slide.
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