Production in U.S. factories remains stagnant.
Production in the US manufacturing industry remained unchanged in April. A statement released in Washington by the Federal Reserve revealed that overall production in sectors such as industry, utilities, and mining also stayed the same as the month before. Experts predicted a marginal rise of 0.1%, but production only grew by 0.1% in March according to revised data (previously reported as 0.4%).
Diving deeper into the US industrial sector, there was a decline of 0.3% in manufacturing itself in April. Experts anticipated an increase of 0.1% after a revised 0.2% improvement in March.
Despite the sluggish manufacturing output, the strong American economy means the Federal Reserve faces no immediate need to reduce its main interest rate (5.25-5.50%). Some analysts speculate that they might make their first cut in September.
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Source: www.ntv.de
