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September Industrial Production Plunges |
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Written by Chelsey Drysdale
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Thursday, 16 October 2008 |
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WASHINGTON, DC – Big industry production fell lower in September than it had since late 1974, largely as a result of hurricanes Gustav and Ike.
The Federal Reserve reported production at US factories, mines and utilities plunged 2.8% last month, in addition to a 1% drop in August.
The Fed estimated hurricane-related disruptions accounted for about 2.25 points of the total drop. In addition, a strike affecting the commercial aircraft industry also was a factor, accounting for around 50 basis points.
Economists originally forecast a September decline of 0.8%.
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