Factory Output Contracts For The Third Month In A Row
Factory output in January contracted for the third straight month, in an indication that the manufacturing sector continues to struggle with sluggish demand and overcapacity. According to data released on Friday, factory output — measured by Index of Industrial Production (IIP) – contracted 1.5 per cent in January. The higher-than-expected decline was on account of the sharp de-growth in capital goods, whose output shrank 20.4 per cent. Consumer goods output growth was flat. 10 out of the 22 industry groups in the manufacturing sector recorded negative growth in January 2016…
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