U.S. manufacturing output tumbles as factories struggle with high interest rates
(Image courtesy Pexels)
(FREE BEACON) – Production at U.S. factories fell more than expected in December and output in the prior month was weaker than previously thought, indicating that manufacturing was rapidly losing momentum as higher borrowing costs hurt demand for goods.
Manufacturing output dropped 1.3% last month, the Federal Reserve said on Wednesday. Data for November was revised lower to show production at factories decreasing 1.1% instead of the previously reported 0.6%. Economists polled by Reuters had forecast factory production would decline 0.3%.
WND is now on Trump's Truth Social! Follow us @WNDNews
Output fell 0.5% on a year-on-year basis in December. It decreased at a 2.5% annualized rate in the fourth quarter.
The post U.S. manufacturing output tumbles as factories struggle with high interest rates appeared first on WND.