Newspaper article THE JOURNAL RECORD

Briefly.Worldwide

Newspaper article THE JOURNAL RECORD

Briefly.Worldwide

Article excerpt

Industrial Production Down 0.4% WASHINGTON - Industrial production fell 0.4 percent in April, the sharpest drop in 13 months, the government reported Friday.

The Federal Reserve said the April decline was the second consecutive drop, following a revised 0.2 percent decrease in March.

Industrial output had not fallen for two consecutive months since late 1985. The 0.4 percent April setback matched a May 1986 downturn and was the largest monthly decrease since a 1.4 percent fall in March of last year.

The weakness in the past two months was blamed on cutbacks in production at auto plants, but the government said there were widespread smaller declines in other industries.

Wholesale Prices Jump 0.4% WASHINGTON - Wholesale prices, driven by steep increases in prices for meats, automobiles and energy, jumped 0.7 percent in April, at an annual rate of 8.9 percent, the government reported Friday.

Food prices, which had risen 0.5 percent in March after five months of decline, shot up 1.5 percent in April, largely because of accelerating meat prices, the Labor Department said.

Beef and veal prices rose 8.3 percent over the month and prices for pork skyrocketed by 13 percent. Processed poultry prices rose 3.1 percent.

Car prices shot up 2.4 percent after declining since December, largely due to rebates during the first quarter of the year by auto manufacturers. Prices for light trucks rose by 2.9 percent over March, following declines of 1.0 percent and 1.3 percent the previous two months.

Energy prices shot up 2.1 percent in April, with gasoline rising by 2.3 percent and home heating oil by 1.8 percent. The increases were much larger than in March, but smaller than those in January and February.

Prices for consumer goods other than food and energy rose just 0.2 percent, one-fourth the 0. …

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