WASHINGTON (AP) — The Federal Reserve releases its April industrial production report at 9:15 a.m. Eastern Tuesday.
REBOUND EXPECTED: According to a survey by the data firm FactSet, economists forecast that industrial production — which includes factories, mines and utilities — rose 0.3 percent last month after dropping 0.6 percent in both February and March and for falling for six of the previous seven months.
Factory production is expected to be flat after falling in February and March. Manufacturers have been hurt by weak demand overseas and a strong dollar that makes U.S. goods more expensive in foreign markets.
Mining output dropped 2.9 percent in March from February. Lower oil prices reduced energy exploration, and coal producers cut back in the face of lower-price competition from natural gas. Utility output slid 1.2 percent in March.
FEEBLE GROWTH: The weak industrial production figures reflect a sluggish economy. The U.S. economy expanded at an annual rate of just 0.5 percent from January through March, decelerating from an already-lackluster 1.4 percent rate the last three months of 2015. The job market has remained resilient despite the weak growth. But employers added just 160,000 jobs in April, fewest since September.
