The Federal Reserve's announcement that manufacturing activity declined by 0.1 percent in March "reflects the soaring prices for natural gas and oil," said Chi Nguyen, international economist of the National Association of Manufacturers.
"Today's report from the Federal Reserve underscores the critical need for comprehensive energy legislation which simply cannot be put off any longer," Mr. Nguyen said.
Though the Federal Reserve reported that industrial production grew by 0.3 percent in March, nine out of 19 manufacturing sectors lost growth in large part because of a decrease in auto vehicle and parts production, which fell by 3.6 percent.
"Modern manufacturing is heavily dependent on energy," Mr. Nguyen said. "This report makes it abundantly clear that we are paying a high price for the lack of a comprehensive energy policy. Job creation, economic growth, the strength of our manufacturing sector, and our quality of life all depend on affordable and reliable energy supplies."
to Daily News