September Industrial Production Drops Sharply
.S. industrial production plunged 1.3% in September, the Federal Reserve said Friday.
The drop followed a revised 0.2% increase in August that was originally reported as a 0.1% gain.
Economists had forecast a 0.4% decline, Bloomberg reported.
Automotive production rose 3.3%, while mining, which includes oil and gas production, plunged 9.1% in part due to Hurricanes Rita and Katrina.
Utility output dropped 0.9% following a 0.5% drop in August.
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