Industrial production falls more than expected

Industrial production fell 0.6% in March, more than expected, according to the Federal Reserve.

The decline was mostly because of a 2.9% drop in mining output, which was the biggest monthly loss since September 2008, when hurricanes disrupted production. The Fed said the decline reflected deep cutbacks in oil and gas extraction.

Capacity utilization fell to 74.8% from 75.3% in the prior month.

Economists had forecast that industrial production fell by 0.1% and capacity utilization declined to 75.3% from 75.4%, according to Bloomberg.

Industrial production in March was revised lower to -0.6% from -0.5%.

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