Industrial Production Falls 1.8% as Auto Output Plunges

U.S. industrial production fell 1.8% in January, declining for the sixth time in seven months, the Federal Reserve said Wednesday.

The decline in production at factories, mines and utilities followed a revised 2.4% downturn in December that was more originally reported.

Automobile output plunged to a record low, falling 23.4% following an 8.1% decline in December. Manufacturing, which accounts for about four-fifths of industrial production, fell 2.5%.

Economists had forecast industrial production would fall 1.5% Bloomberg reported.

The share of industrial capacity in use fell to 72%, from 73.3%.

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