US industrial output falls for 5th month on lower drilling
Source: AP
By CHRISTOPHER S. RUGABER
WASHINGTON (AP) — A plunge in energy-related drilling and sluggish manufacturing sent U.S. industrial output down for a fifth straight month in April.
Overall industrial production slid 0.3 percent in April after a drop of the same size in March, the Federal Reserve said Friday. The figures suggest that weakness in manufacturing and mining is weighing heavily on the economy.
Oil and gas well drilling activity plunged 14.5 percent last month, its fourth straight double-digit decline. Last year's steep decline in oil prices, from about $110 a barrel to $50 in January, has forced energy firms to rapidly scale back operations.
Manufacturing output was unchanged after rising 0.3 percent in March. Utility production fell 1.3 percent, as Americans used less heat but haven't yet cranked up the air conditioning.
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FILE - In this April 30, 2015 file photo, United Auto Workers line worker Vanassa Stafford loads a bin with stamped parts at the General Motors Pontiac Metal Center in Pontiac, Mich. The Federal Reserve releases industrial production for April on Friday, May 15, 2015. (AP Photo/Carlos Osorio, File)
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