Fed study shows drop in production
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Manufacturing News, Source : TheManufacturer.com
Published : 17 Jan 2003 21:08
The Federal Reserve stated in its latest report that US production fell 0.2% during December due to a drop in auto production, and usable capacity in operation was reported to have fallen 75.4%, its lowest level since March 2002.
Separately, the Commerce Department reported the trade gap, what the US buys overseas versus what it exports, spiked to a $40 billion high in November. As a result, economists have grown wary of a speedy economic recovery. I think Alan Greenspan’s soft patch turned into a pothole, said John Silvia, Wachovia Securities’ chief economist.
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