Storm Sandy knocks industrial output in October |
Reuters - Nov 16, 2012 |
Industrial output unexpectedly fell in October as superstorm Sandy disrupted production, but the underlying tone remained consistent with slowing manufacturing activity.
Industrial production contracted 0.4 percent last month after a 0.2 percent increase in September, the Federal Reserve said on Friday.
The Fed said the storm, which tore through the East Coast at the end of October, is estimated to have reduced the rate of change in output by nearly 1 percentage point. It cut the output of utilities, chemicals, food, transportation equipment, and computers and electronic products, the Fed said.
Economists had expected a 0.2 percent gain in industrial output last month. The storm is estimated have caused $50 billion in damage.
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- Posted: 2012-11-16 15:06:05
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