U.S. manufacturing output was unchanged in March after two straight monthly decl...
WASHINGTON - U.S. manufacturing output was unchanged in March after two straight monthly declines, resulting in the first quarterly drop in production since President Donald Trump was elected.
Soft manufacturing and slowing economic growth reflect the ebbing stimulus from a $1.5 trillion tax cut package and supply chain disruptions caused by Washington’s trade war with China. Production at factories dropped at a 1.1 percent annualized rate in the first quarter. That was the first quarterly drop since the third quarter of 2017 and followed a 1.7 percent pace of increase in the October-December period.Motor vehicles and parts production dropped 2.5 percent in March after increasing 2.3 percent in February. An inventory overhang in the automobile sector is weighing on production.
Manufacturing is also being hobbled by last year’s surge in the dollar and softening global economic growth, which are hurting exports. The sector could be further strained by Boeing’s decision to stop deliveries and cut back production of its troubled 737 MAX aircraft. The MAX planes have been grounded indefinitely following two deadly crashes.
The housing market is getting a lift from a fall in mortgage rates after they surged last year. But housing accounts for a small fraction of the economy, meaning the recovery in activity is unlikely to have a huge impact on gross domestic product.
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