Saturday, July 17, 2010

Factory output drops sharply

New evidence of a slowing economic rebound emerged yesterday in reports that manufacturing activity is slowing after having helped to drive the early stages of the recovery.

Factory output fell in June, according to a government report. It was the sharpest monthly drop in a year. And two regional manufacturing indexes sank this month.

Production of automobiles, home-building materials, and processed food all fell in June. The data sent stocks falling.

Federal Reserve officials took note of the weakening recovery when they met last month and lowered their forecast for economic growth, according to minutes released Wednesday.
The Obama / Pelosi / Reid prescription? Extend unemployment benefits!

No comments: