Production continues to slump

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} US industrial production declined in February for the fourth consecutive month as auto cutbacks and shrinking exports took their toll on the economy.   Output at factories, mines and utilities fell by 1.4 percent last month, more than forecast, the Federal Reserve said today in Washington. The amount of factory capacity is use slumped to 70.9 percent, matching the lowest level on record.   The worst financial crisis in 70 years has choked off credit to consumers and businesses worldwide, leading to a slump in sales of cars, houses, airplanes and computers.   Motor vehicle and parts production actually improved 10 percent in February, after a huge 25 percent fall in the previous month. Excluding automobiles, factory output dropped 1.2 percent.   Boeing is cutting about 10,000 jobs and said it could cut production by up to 10 percent next year if more bookings are deferred or canceled. The Chicago-based plane maker has won just 22 orders this year, down from 190 by this time in 2008, and has logged 32 cancellations.   United Technologies, the maker of Otis elevators and Carrier air conditioners, said last week it plans to cut 11,600 jobs as sales slow.   Utility production decreased 7.7 percent, propelled by unseasonably warm weather that caused declines in the use of electricity and natural gas. Mining output, which includes oil drilling, decreased 0.4 percent.   According to a separate report from the Commerce Department last week US exports plunged in January to their lowest level since 2006. The drop reflected falling sales of automobiles, semiconductors, telecommunications gear and drilling equipment.     *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *