Industrial production sharply down in April

U.S. industrial production fell 0.7% in April as the manufacturing sector recorded its worst drop in nearly three years. The decline followed a revised 0.2% increase in industrial output in March. Over the 12-month period through April, industrial production was 0.2% higher than the previous 12-month period. Manufacturing output fell 0.8% in April, marking the largest decline since the index was off 1% in September 2005. Manufacturing production was flat in March and fell 0.7% in February. In another sign of a weakening economy, the number of people filing jobless claims for the first time rose by 6,000 to 371,000 on a seasonally adjusted basis for the one-week period ended May 10, according to a Department of Labor report. Jobless claims for the one-week period ended May 3 were unrevised at 365,000. The four-week average of initial jobless claims fell by 1,000 to 365,750.