Factory Production in U.S. Stalled on Machinery Cutbacks

Factory production stalled in April, as American manufacturers were dealt blows by a strong dollar and cheap oil.

The unchanged reading in manufacturing followed a 0.3 percent March gain that was larger than previously estimated, a Federal Reserve report showed Friday in Washington. The median forecast in a Bloomberg survey of 21 economists called for a 0.2 percent increase. Total industrial production declined for a fifth consecutive month amid mining and utilities cutbacks.