US manufacturing and industrial production hit a 23-year low in April, according to a report from ING.
Manufacturing and industrial production last month fell by 13.7pc from March 2020, while motor vehicle production declined by 71.7pc during the same period. Home electronics production was down 3.2pc, and business equipment decreased by 17.3pc in April compared to March 2020, while utilities output declined by 0.9pc, and mining fell by 6.1pc during the same month.
Manufacturing production is below where it was during the Great Recession, and has fallen in line with 1997 levels, the ING report added. There were 1.33mn manufacturing jobs lost last month alone.
Hard times may persist for the oil and gas industry too the analysis stated. Baker Hughes data, according to the ING report, showed the US oil and gas rig count declined form 793 at the beginning of March to 465 at the end of last month. In the second week of May, there are 374 rigs, putting it at a near 50-year low.