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US industrial output fall slows US industrial output fall slows
(40 minutes later)
US industrial production fell in April for the sixth month in a row, but at the slowest rate seen in that time.US industrial production fell in April for the sixth month in a row, but at the slowest rate seen in that time.
Output fell by 0.5% last month after a revised decline of 1.7% in March, the Federal Reserve said.Output fell by 0.5% last month after a revised decline of 1.7% in March, the Federal Reserve said.
A 3.2% drop in mining output contributed to the overall decline as oil and gas production fell, while utilities boosted their output 0.4%.A 3.2% drop in mining output contributed to the overall decline as oil and gas production fell, while utilities boosted their output 0.4%.
Output at car plants rose 1.4% but the increase is not expected to last as GM and Chrysler start cutting production.Output at car plants rose 1.4% but the increase is not expected to last as GM and Chrysler start cutting production.
The two carmakers are due to start closing plants this month.The two carmakers are due to start closing plants this month.
Signs of recovery?
Manufacturing production fell 0.3%, which analysts took as a positive sign that the economy is heading in the right direction.Manufacturing production fell 0.3%, which analysts took as a positive sign that the economy is heading in the right direction.
"This was a surprisingly steady result for the manufacturing sector. It looks like a bottom in the sector is at hand," Pierre Ellis from Decision Economics said."This was a surprisingly steady result for the manufacturing sector. It looks like a bottom in the sector is at hand," Pierre Ellis from Decision Economics said.
"Improvement there is a prerequisite to a broader economic recovery.""Improvement there is a prerequisite to a broader economic recovery."
Also on Friday, the University of Michigan index of consumer confidence rose to an eight-month high of 67.9 in May from 65.1 in April.
"This is another inching along sign that things are getting better," said Bill Hampel, chief economist at Credit Union National Association.
"This consumer sentiment number had been in a range for the last year and now it looks like it's breaking above that range."