News Summary: US manufacturers cut production
(AP) - MANUFACTURING OUTPUT: Manufacturers cut production in April by 0.4 percent, the third decline in four months. Auto companies cranked out fewer cars, factories made fewer consumer goods and most other industries reduced output.
INDUSTRIAL PRODUCTION: Total industrial production, which includes output at the nation's factories, mines and utilities, fell 0.5 percent in April, the biggest setback since August. Utility production plunged 3.7 percent, as power output returned to more normal levels after an unusually cold March.
OUTLOOK: The weakness suggests economic growth is slowing in the current April-June quarter. Factories are producing fewer goods in part because of a weaker global economy, which has reduced demand for U.S. exports.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)