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.
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