U.S.industrial Production falls unexpectedly on hurricane Sandy

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Source: Bloomberg
Industrial production fell unexpectedly on power disturbances caused by hurricane Sandy. Factory output tumbled 0.4% in October after advancing 0.2%, lower than expected, the prior month. The U.S. factories suffer from euro-area's recession, and economic growth slowdown in Asia. The industry might be also hit by $ 607 billion automatic tax increases and spending cuts throughout the year 2013. Manufacturing, the main contributor to total production, dropped 0.9% in October, while output utilities lost 0.3%, after no changes the previous month. Motor vehicle output eased 0.1%, and business equipment production contracted 1.2%, showing the biggest decline since 2008. The only gainer was mining production, rallying 1.5% and gaining the most since October 2011.

"Uncertainties over taxes hitting capital spending and problems overseas have hit the manufacturing sector," said John Ryding, chief economist at RDQ Economics in New York.


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