Industrial output plunges by largest amount in 3 years as auto production falls sharply

[marmar]

Circling the drain.... :hurts:


via Yahoo!:


Output drops worse-than-expected 1.1 percent
Monday September 15, 9:30 am ET
By Martin Crutsinger, AP Economics Writer
Industrial output plunges by largest amount in 3 years as auto production falls sharply


WASHINGTON (AP) -- Government data show the nation's industrial output plunged in August by nearly four times the amount that had been expected. It's the worst performance since Hurricane Katrina devastated the Gulf Coast in 2005.

The Federal Reserve reported Monday that industrial output dropped 1.1 percent last month, far worse than the 0.3 percent decline that economists had been expecting.

The weakness was led by an 11.9 percent drop in production of motor vehicles and parts, reflecting the hard times facing the U.S. auto industry.

The problems in autos contributed to a 1 percent overall drop in manufacturing, the first decline since a 0.9 percent fall in April.

Production at the nation's utilities was off 3.2 percent during the month after a 1.6 percent decline in July. Mild weather in much of the country last month contributed to lower demands for air conditioning.

Output in mining, the category that includes oil and gas drilling, fell by 0.4 percent in August. The Fed said some of that weakness reflected precautionary shutdowns of oil platforms in the Gulf of Mexico ahead of Hurricane Gustav. ......(more)

The complete piece is at: http://biz.yahoo.com/ap/080915/economy.html

[NJmaverick]

1. No shock here, the short sighted a-holes that run the industry

have the show rooms stocked with gas guzzlers.

[LiberalEsto]

2. We still have industrial output?

I thought it all went to China.