Rolling coverage of the latest economic and financial news, as America’s manufacturers and retailers are hit hard by coronavirus shutdownLatest: American factories have worst month since WW2US retail sales in record slideIMF warns government borrowing will surgeIEA: oil demand faces record slumpProfits slide at Goldman and Citi 2.53pm BST Newsflash: US industrial production has suffered its largest slump since the aftermath of the second world war.American industrial output, which covered factories, mines and utility companies, declined by 5.4% month-on-month in March – as the Covid-19 shutdown hit output extremely hard.Total industrial production fell 5.4 percent in March, as the COVID-19 (coronavirus disease 2019) pandemic led many factories to suspend operations late in the month. Manufacturing output fell 6.3 percent; most major industries posted decreases, with the largest decline registered by motor vehicles and parts.The decreases for total industrial production and for manufacturing were their largest since January 1946 and February 1946, respectively. Biggest IP drop since de-mobilization as WW2 wound down. pic.twitter.com/6iiOhvaAZUUS industrial production -5.4% w/ #manufacturing -6.3% in March as #CoronavirusPandemic led factories to suspend prod:> both weakest since 1946> durables plunged 9.1% with autos -28%> utilities -3.9%> mining -2.0%> IP -5.5% y/y> Manufacturing -6.6% y/y> Will worsen in Apr pic.twitter.com/eSv3SLK3yW 2.44pm BST Another sign that economic activity has plummeted:Wow. Apple Maps data shows driving directions requests are down 63%. Transit down 81%. #demanddestruction pic.twitter.com/qFNg4O8Xpi Continue reading…
Via: US factories suffer worst slump since 1946 amid Covid-19 shutdown – business live
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