Industrial production fell 1.5 percent in March, and for the first quarter as a whole, dropped at an annual rate of 20.0 percent, the largest quarterly decrease of the current recession, the Federal Reserve said.
Output in March fell to its lowest level since December 1998 and was nearly 13 percent below its level in the previous year. Production in manufacturing moved down 1.7 percent in March and has registered five consecutive quarterly decreases.
One exception was the output of motor vehicles and parts, which advanced slightly in March but remained well below its year-earlier level.
The capacity utilization rate for total industry fell to 69.3 percent, the lowest point since the Fed began tracking it in 1967.
