Industrial Production Drops 2% in December

U.S. industrial production plunged 2% in December, the Federal Reserve said Friday, while automobile output fell to the lowest level in 25 years.

The decline in production at factories, mines and utilities followed a revised 1.3% decrease in November that was more than double the originally reported decline.

Manufacturing, which accounts for about four-fifths of industrial production, fell 2.3%.

Economists had forecast production would fall 1% Bloomberg reported.

The share of industrial capacity in use fell to 73.6%, from 75.2% in November.

The factory sector is one of trucking’s largest and most important customers.