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Auto Industry Leads U.S. Factory Output
A booming auto industry pushed U.S. manufacturing output up 0.1% in March, according to the Federal Reserve. it was the manufacturing sector's first year-on-year gain in four months.
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A booming auto industry pushed U.S. manufacturing output up 0.1% in March, according to the Federal Reserve. it was the manufacturing sector's first year-on-year gain in four months.
The central bank says America's output of cars and auto parts grew 3.2% in March, reversing a 3.6% drop in February. When the auto sector is excluded, U.S. factory production last month slipped 0.1%.
Analysts say overall manufacturing in the U.S. is being held back by a strong dollar that raises the price of exported goods. The Fed report says overall industrial production in March shrank 0.6%, the largest decline in nearly three years.
Economists estimate the country's gross domestic product expanded less than 2% in the first quarter compared with 2.2% in the fourth quarter of 2014.
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