U.S. industrial production plunged in October by the largest amount in nine months, reflecting a big drop in utility output and continued troubles in autos and housing-related industries.
The Federal Reserve said today that output at the country’s factories, mines and utilities fell by 0.5% last month, a much worse outcome than had been expected.
The October decline, the biggest since a similar drop in January, was led by a sharp plunge in output of electricity and natural gas due to warmer-than-normal weather during the month.
U.S. industrial production takes its biggest dive in nine months
- By: IE Staff
- November 16, 2007 November 16, 2007
- 11:50