With Hurricane Isaac restraining output in the Gulf Coast region, the Federal Reserve released a report on Friday showing a much steeper than expected drop in industrial production in the month of August.
The report showed that industrial production tumbled by 1.2 percent in August following a downwardly revised 0.5 percent increase in July.
Economists had expected production to edge down by 0.1 percent compared to the 0.6 percent growth originally reported for the previous month.
by RTT Staff Writer
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