KONTAN.CO.ID - WASHINGTON. Production at U.S. factories dropped for a second straight month in June as output of motor vehicles and a range of other goods declined, suggesting that higher interest rates were hurting the manufacturing sector. Manufacturing output fell 0.5% last month, matching the decline in May, the Federal Reserve said on Friday. Economists polled by Reuters had forecast factory production would slip 0.1%. Output increased 3.6% compared to June 2021. It rose at a 4.2% annualized rate in the second quarter, accelerating from the January-March quarter's 3.9% growth pace. Manufacturing, which accounts for 11.9% of the U.S. economy, has been supported by strong demand for goods.
U.S. Manufacturing Production Falls for Second Straight Month
KONTAN.CO.ID - WASHINGTON. Production at U.S. factories dropped for a second straight month in June as output of motor vehicles and a range of other goods declined, suggesting that higher interest rates were hurting the manufacturing sector. Manufacturing output fell 0.5% last month, matching the decline in May, the Federal Reserve said on Friday. Economists polled by Reuters had forecast factory production would slip 0.1%. Output increased 3.6% compared to June 2021. It rose at a 4.2% annualized rate in the second quarter, accelerating from the January-March quarter's 3.9% growth pace. Manufacturing, which accounts for 11.9% of the U.S. economy, has been supported by strong demand for goods.