A major ingredient of how the stateside economy is judged fell slightly last month.
Figures released Tuesday by the U.S. Federal Reserve showed industrial production fell 0.1%, in March from the month before, due mostly to a drop in mining output. Moreover, factory output remained weak amid a slowing global economy and trade tensions with China.
The Fed's yardstick industrial output combines production at factories, utilities and mines.
The drop occurred amid a deceleration of the U.S. economy as stimulus from last year’s tax cuts faded. Growth U.S. economic output slowed to a 2.2% annual pace the last three months of 2018 from 3.4% in the third quarter and 4.2% in the second.
Mining output declined 0.8% but was up 10.5% from March 2018.
The Fed also says manufacturing production was flat after dropping in January and February. In the first three months of the year, factory output fell at an annual rate of 1.1%. Production of cars, truck and auto parts dropped 2.5% in March and 4.5% over the past year.
