Industrial Output Fell 2.8%

By Purchasing Staff -- Purchasing, 11/13/2008 2:00:00 AM

Industrial production plummeted 2.8% in September, the biggest decline since December 1974. Ian Shepherdson, chief U.S. economist at High Frequency Economics in Valhalla, N.Y., says "the drop in industrial output is a direct hit on [gross domestic product], so we now reckon third-quarter GDP fell by more than 1% at an annualized rate." Other economists now say GDP will shrink through at least the first half of 2009.

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