The Obama Boom is undergoiing some tough times. Unemployment is still at 9% and the jobs being created are low wage ones. Now industrial production and construction have fallen for the month of April.
U.S. housing starts and permits for future home construction fell in April as an overhang of homes on the market discourages builders from taking on new projects, pointing to prolonged weakness in the housing sector.
The Commerce Department said on Tuesday housing starts dropped 10.6 percent to a seasonally adjusted annual rate of 523,000 units. March’s starts were revised up to a 585,000-unit pace from the previously reported rate of 549,000 units.
U.S. industrial output was flat in April as the earthquake in Japan in March interrupted the supply of parts to auto makers, a Federal Reserve report said on Tuesday.Factory production fell 0.4 percent in April, its first decline in 10 months, the Fed said. Excluding motor vehicles and parts, factory production rose 0.2 percent in April.
Manufacturing makes up almost 75 percent of U.S. industrial production. Analysts had expected a 0.4 percent rise in overall output, which was buoyed by increases of 0.8 percent in mining and 1.7 percent in utilities.blockquote>
The Obama Boom roars on!
