US sees more troubling economic data as crisis hits industry
WASHINGTON (AFP) — More troubling US economic data surfaced Thursday showing the banking and credit crisis has taken a sharp bite out of the manufacturing sector, increasing the risk of a deep and long downturn.
The Federal Reserve reported US industrial production plunged 2.8 percent in September, the steepest decline since 1974.
A large portion of the decline was related to hurricanes Gustav and Ike in the US Gulf coast and a strike at aircraft maker Boeing, but analysts said the figures were nonetheless grim for an economy already reeling from a housing meltdown and credit crunch.
"Today’s industrial production report was one of the worst ever," said Aaron Smith at Economy.com.
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