12:27 ET<\/span><\/span><\/p>\nUS factories produced fewer goods for the first time in 10 months, driven mainly by a slump in vehicle production as a result of a shortage in parts from Japan.<\/p>\n
Manufacturing in April fell 0.4% from the previous month, according to data released by the Federal Reserve.<\/p>\n
The number of vehicles manufactured declined from an annual rate of nine million units in March to 7.9 million.<\/p>\n
If car plant output is excluded from the data, factory output rose 0.2%.<\/p>\n
Total industrial production is 5% up on a year ago, boosted by the mining and utility industries which performed well.<\/p>\n
The sectors saw productivity rates rise 0.8% and 1.7% respectively during April.<\/p>\n
However, statistics showed that consumer goods production fell 0.7% because of a fall in the output of durable goods, which include cars, appliances, furniture and carpeting.<\/p>\n
The trend for fewer domestic goods only added to evidence of a decline in the US housing market.<\/p>\n
Housing slump<\/span><\/p>\nNewly released data by the Commerce Department showed that the number of new homes built in April plummeted 10.6% on the previous month.<\/p>\n
The seasonally adjusted rate fell to 523,000 homes per year, which is nearly 25% down a year ago.<\/p>\n
“We’re still struggling to find the bottom here for the housing market,” said Michael Woolfolk, a senior currency strategist at BNY Mellon in New York.<\/p>\n
“It does not bode well for construction in the near term, and there’s a good deal of overhang in terms of inventory.”<\/p>\n
The disappointing construction data contributed to a sell-off on Wall Street.<\/p>\n
The Dow Jones index was down more than 130 points during midday trading.<\/p>\n<\/div>\n
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