Industrial companies cut back production yet again in June but not nearly as deeply as they have been, another sign the recession is easing its grip.
The Federal Reserve reported Wednesday that production at the nation's factories, mines and utilities fell 0.4 percent last month as the recession crimped demand for a wide range of manufactured goods, including cars, machinery and household appliances.
Well, due to diminished consumer appetites,industries were inclined to put more of their plants on closure,which made the overall operating rate at 62,a record low since 1967 but it looks a lot better now as these reports might help restor consumer's confidence and as Geithner urged middle-east to invest in US.Who knows? they might just comply!!It just constitutes a small step to make the prediction of economists of abating recession in Q3 true.
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