Industrial production drops more than expected
Business Law
Industrial production fell for the fifth straight month in March, the government said Wednesday, as companies cut output in order to clear stockpiles of goods.
But economists expect that trend to moderate soon, as businesses bring inventories in line with slower sales. That should allow production to decline at a slower pace in the current quarter.
Still, the drop in March was steeper than expected. The Federal Reserve said production at the nation's factories, mines and utilities dropped a seasonally adjusted 1.5 percent, matching February's decline and worse than the 1 percent decline analysts forecast.
Factories and mines are increasingly idle, as the total industrial capacity utilization rate fell to 69.3 percent from 70.3 percent, the lowest on records dating to 1967.
Industrial production fell at a 20 percent annual rate in the first quarter, the Fed said, the sharpest quarterly downturn of the current recession. The drop will contribute to another steep contraction in the overall economy in the January-March period that economists estimate will be in the 4 to 5 percent range. The nation's economy shrank 6.3 percent in the fourth quarter of last year.
Some analysts expect industrial production to fall at a rate of less than 10 percent in the current quarter, as the economy's contraction slows.
Related listings
-
Ex-Qwest exec asks high court to delay prison term
Business Law 04/14/2009Former Qwest CEO Joseph Nacchio asked the Supreme Court on Monday to put off the start of his prison term for his conviction on insider-trading charges. His lawyers filed an emergency appeal with Justice Stephen Breyer after the federal appeals court...
-
US stocks surge on bank plan, rise in home sales
Business Law 03/23/2009Wall Street got the news it wanted and responded with a tremendous rally that propelled the Dow Jones industrials up nearly 500 points. Investors reignited the market's two-week rally, cheering the government's plan to help banks remove bad assets fr...
-
Hawaii Superferry ceases operations after ruling
Business Law 03/17/2009Hawaii's new inter-island ferry service has ceased operations in the wake of a state Supreme Court ruling. Hawaii Superferry, which operates an Oahu-Maui catamaran that can accommodate 836 passengers and about 200 vehicles, was forced into the move M...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.