WASHINGTON: American industrial production dropped a record 11.2 percent in April, the first full month of widespread business lockdowns, with massive declines across sectors, particularly in autos and oil, the Federal Reserve said Friday.
It was the "largest monthly drop in the 101-year history of the index, as the COVID-19 (coronavirus disease 2019) pandemic led many factories to slow or suspend operations throughout the month," the Fed said.
Manufacturing output fell 13.8 percent in the month and is 18 percent below April of last year.