By Robert Hughes
Industrial production sank 11.2 percent in April, following a 4.5 percent drop in March. The April fall is the fourth drop in five months and the largest monthly decline on record. Over the past year, industrial production is down 15.0 percent and is at the lowest level since March 2010 (see chart). Total capacity utilization decreased 8.3 percentage points to 64.9 percent, the lowest on record since 1950 (see chart).
Manufacturing output, which accounts for about 75 percent of total industrial production, fell 13.7 percent after sinking 5.5 in March. Manufacturing output