Industrial production plunges unprecedented 11.2% in April
Manufacturing output also posted a record drop — 13.7% — as production of cars, trucks and auto parts plummeted
John Lonski Moody’s Analytics chief markets economist on why he sees optimism in Federal Reserve Chairman Jerome Powell’s coronavirus comments.
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American industry recorded the biggest drop on record last month as factories, mines and utilities were all battered by the economic fallout from the coronavirus pandemic.
VIRUS OUTBREAK DEVASTATED THESE INDUSTRIES IN APRIL
The Federal Reserve said Friday that its industrial production index plunged a record 11.2% in April. Manufacturing output also posted a record drop — 13.7% — as production of cars, trucks and auto parts plummeted more than 70%. Output dropped 6.1% at mines and 0.9% at utilities.
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