US factories in output drop

Ben Southwood
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US MANUFACTURING output dipped in March, figures showed yesterday, but separate numbers showed the housing recovery steaming ahead.

Factories produced 0.1 per cent less in March than in February, the Federal Reserve said, while mining output fell 0.2 per cent.

Only a 5.3 per cent monthly jump in utilities output worked to produce an overall 0.4 per cent gain for industrial output.

Meanwhile, authorities issued 17.3 per cent more building permits in March, compared to the year before, according to Department of Housing figures, while firms started building 46.7 per cent more houses, and completed the construction of 36.3 per cent more.