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4/15, 3:15 PM (Source: TeleTrader)
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US industrial production drops most since 1946

Industrial production in the United States plunged by 5.4% in March compared to the previous month, according to the latest data published by the Federal Reserve on Wednesday.

The worse-than-expected figure is the largest drop for industrial production in the country since January of 1946. Amid the coronavirus crisis, manufacturing also recorded its steepest drop since 1946 at 6.3%.

Most major industries posted declines in activity, while the largest downward contribution was observed in motor vehicles and parts.

Breaking the News / JC