U S industrial production rises in February as auto output helps
The Federal Reserve reports a 0.6 percent February gain in industrial production led by utilities and manufacturing. Manufacturing up 0.1 percent helped by auto plants amid a drop in civilian aircraft. Utility output up 7.1 percent while mining fell 1.5 percent. The virus outbreak looms over the economy as NY manufacturing weakens.
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Global Aid Pledged as Pandemic Halts World Commerce
Governments and central banks race to shield firms from bankruptcy as the virus cripples economies. The Fed creates a lending facility to buy short term loans, while the White House eyes an 850 billion dollar rescue package. France pledges 45 billion euros for small businesses and tax relief.
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Cinemas Close Nationwide as Studios Push Home Viewing
U S theaters shut nationwide due to the coronavirus pandemic nearly all screens go dark. AMC and Regal suspend operations for at least six to 12 weeks as Hollywood shifts to direct home viewing and Universal offers films for on demand including Invisible Man Trolls World Tour Emma.
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February retail sales fall 0.5 percent in US data
The Commerce Department reports a 0.5 percent drop in February retail sales, led by a 0.9 percent fall in auto sales and a 2.8 percent slide at gas stations, signaling consumer slowdown ahead of widespread virus impacts. Online sales rose 0.7 percent.
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