U.S. manufacturing is in recession: Fed data
The numbers: The U.S. factory sector declined in the three months ended in June, the second straight quarterly decline, the Federal Reserve said Tuesday.
For June, industrial production was flat, slightly below the 0.1% gain expected by Wall Street economists.Capacity in use slipped to 77.9% in June from 78.1 in the prior month. Within manufacturing, the index for business equipment and for construction both rose 0.5%. The index of consumer goods was unchanged.
Big picture: Federal Reserve Chairman Jerome Powell cited the weak factory sector as one reason many policy makers support cutting interest-rates.
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