With the coronavirus pandemic leading many factories to suspend operations late in the month, the Federal Reserve released a report on Wednesday showing the biggest monthly drop in U.S. industrial production in over seventy years in the month of March.
The report said industrial production plunged by 5.4 percent in March after rising by a downwardly revised 0.5 percent in February.
Economists had expected production to tumble by 4.0 percent compared to the 0.6 percent increase originally reported for the previous month.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.