U.S. manufacturing output fell for a second straight month in February and facto...
WASHINGTON - U.S. manufacturing output fell for a second straight month in February and factory activity in New York state was weaker than expected this month, offering further evidence of a sharp slowdown in economic growth early in the first quarter.
The Fed said manufacturing production dropped 0.4 percent last month, held down by declines in the output of motor vehicles, machinery and furniture. Data for January was revised up to show output at factories falling 0.5 percent instead of slumping 0.9 percent as previously reported. February’s drop in manufacturing production added to soft reports ranging from retail sales to housing in suggesting the economy lost significant momentum early in the first quarter. Goldman Sachs is forecasting gross domestic product will rise at a 0.6 percent annualized rate in the first quarter. The economy grew at a 2.6 percent pace in the fourth quarter.In a separate report on Friday, the New York Fed said its general business conditions index fell 5.1 points to a reading of 3.
Manufacturing is losing steam as the boost to capital spending from last year’s $1.5 trillion tax cut package fades. Activity is also being crimped by a trade war between the United States and China as well as by last year’s surge in the dollar and softening global economic growth, which are hurting exports.
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