Manufacturing output dropped 1.3% in December

Jan. 19, 2023
According to new data released by the Federal Reserve, industrial production decreased 0.7% in December.

According to new data released by the Federal Reserve, industrial production decreased 0.7% in December. During the same month, manufacturing output dropped 1.3%, with durable and nondurable manufacturing falling 1.1% and 1.5%, respectively.

According to Reuters, some of this decline can be attributed to rising interest rates. Many goods are purchased on credit, making them more expensive, and more Americans are choosing to spend their money on services.

Ryan Sweet, chief U.S. economist at Oxford Economics, told MarketWatch, “There are certain parts of the U.S. economy that are being hit harder than others and manufacturing appears to be headed toward a mild recession. The forecast remains for a mild recession to begin in the second quarter of this year.”

Sponsored Recommendations

Arc Flash Prevention: What You Need to Know

March 28, 2024
Download to learn: how an arc flash forms and common causes, safety recommendations to help prevent arc flash exposure (including the use of lockout tagout and energy isolating...

Reduce engineering time by 50%

March 28, 2024
Learn how smart value chain applications are made possible by moving from manually-intensive CAD-based drafting packages to modern CAE software.

Filter Monitoring with Rittal's Blue e Air Conditioner

March 28, 2024
Steve Sullivan, Training Supervisor for Rittal North America, provides an overview of the filter monitoring capabilities of the Blue e line of industrial air conditioners.

Limitations of MERV Ratings for Dust Collector Filters

Feb. 23, 2024
It can be complicated and confusing to select the safest and most efficient dust collector filters for your facility. For the HVAC industry, MERV ratings are king. But MERV ratings...