“U.S. Factory Production Plummets by Most in Records to 1919”
May 15, 2020
“U.S. factory production plummeted in April by the most in records back to 1919 as coronavirus-related shutdowns exacted a bigger toll on the economy.
Output slumped 13.7% from the prior month after a revised 5.5% decrease in March, Federal Reserve data showed Friday. The median forecast in a Bloomberg survey of economists called for a 14.6% decline. Overall industrial production — which also includes output at mines and utilities — dropped 11.2% in April…
Meanwhile, output fell 0.9% at utilities and decreased 6.1% in mining. Oil and gas well drilling plummeted a record 28% as a collapse in crude prices prompted swift cutbacks in exploration. According to the latest Baker Hughes data, the oil and gas well rig count stood at 374 last week, the lowest in records back to 1974…”
https://finance.yahoo.com/news/u-factory-production-plummets-most-131730504.html