P.M. BRIEFING : Industrial Production Off 0.8%
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WASHINGTON — Industrial production tumbled 0.8% in October, reflecting widespread weakness throughout the manufacturing economy, the Federal Reserve said today. It was the first decline since April.
A 4.5% fall in the output of motor vehicles and parts accounted for about one-fourth of the decline in the overall index, the Fed said. But it added, “Output declines also were widespread among most other major market and industry groups.”
The central bank had reported that output edged up 0.2% in September after remaining flat in August. But it said the September gain was due to a sharp rise in automobile production. Excluding that, production fell 0.2%.
The Fed also said the operating rate of the nation’s factories, mines and utilities dropped 0.9 of a percentage point to 82.6%. The operating rate measures not only output but also changes in productivity levels.
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