Industrial output's fall slowed in June

Industrial output fell again in June, but the pace of the contraction slowed from 25.7 percent to 11.9 percent. The restart of automobile production across the country helped a great deal, even though it was still 14.3 percent lower than a year ago. Many other sectors saw production levels approaching normal, however, and industrial prices were 13.4 percent higher in June than they were in May. Machinery and equipment production was 22.6 percent than a year ago, while wood processing was actually higher than last year. The average number of employees in industry fell by 3.8 percent in June, however those with jobs earned 0.7 percent more. The figures are better than expected by economists, but they warn that the figures will continue to lag behind last year's results for some time. The expected end-of-year figures will likely include a drop in output of roughly 15 percent.