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New data released by the Federal Reserve makes clear just how dramatic the impact of the COVID-19 crisis has been on the manufacturing sector in the U.S.
Industrial production in the U.S. suffered historic falloff in May, according to the study. Manufacturing output was hit particularly hard, dropping more than 13 percent over March, the steepest fall in the 101 year history of the Industrial Production Index (IPI).
The industries affected include textiles, apparel and leather goods, but most relevant to us in the Detroit region, the production of motor vehicles and parts was by far the most impacted in the entire category as closed assembly plants across the nation resulted in a 72 percent output drop.
Listen to this morning’s WJR Business Beat for the full report:
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