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| Version 0 | Version 1 |
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| US industrial output sees decline | US industrial output sees decline |
| (40 minutes later) | |
| US industrial output fell by more than expected in April, after manufacturers and car firms cut production. | US industrial output fell by more than expected in April, after manufacturers and car firms cut production. |
| Output fell by 0.7% in April from the month before, when output had risen by 0.2%, the Federal Reserve said. | Output fell by 0.7% in April from the month before, when output had risen by 0.2%, the Federal Reserve said. |
| The latest drop was twice that forecast by analysts and has added to fears over the world's largest economy. | The latest drop was twice that forecast by analysts and has added to fears over the world's largest economy. |
| The automotive sector saw its biggest drop in nearly a decade as consumer demand for new cars slowed, and a strike at General Motors cut output. | |
| Auto and parts production dropped 8.2% in April - the largest monthly decline since July 1998, when production fell 12.7%. | |
| "A rapidly shrinking vehicle sector led the manufacturing sector downward, showing that there is a significant consumer slowdown," said Joel Naroff of Naroff Economic Advisors. | "A rapidly shrinking vehicle sector led the manufacturing sector downward, showing that there is a significant consumer slowdown," said Joel Naroff of Naroff Economic Advisors. |
| While there have been some signs recently that the worst of the credit crisis might be over, continuing high prices for food and energy are denting consumer spending - a key driver of the US economy. | |
| Many analysts had forecast that industrial output, which covers factories, utilities and mining firms, would fall by about 0.3%. | Many analysts had forecast that industrial output, which covers factories, utilities and mining firms, would fall by about 0.3%. |
| As well as car production, the output of furniture, machinery, electrical equipment, textiles and plastics also dropped. |