Factory Output in U.S. Cools After Surging in Previous Month

U.S. factory production cooled in March after surging a month earlier, representing a pause in an otherwise strong manufacturing sector, Federal Reserve data showed Tuesday.

Factory output expanded at a 3.1 percent annualized rate in the first quarter following a 5.5 percent pace of the final three months of 2017, the strongest back-to-back period in six years. Manufacturing makes up 75 percent of total industrial production and accounts for about 12 percent of the economy.