A report from the Federal Reserve announced that factories, mines and utilities in the United States operated in May at their slowest production capacity in more than 17 years. The report highlights the plight of the manufacturing sector in the U.S., a sector that has been hit particularly hard during the economic slowdown. The situation of the manufacturing industry puts pressure on Treasury Secretary Paul O’Neill to allow the dollar to weaken, making U.S. products cheaper abroad.
See "Production Capacity Use Lowest Since 1983", The New York Times, June 14, 2001