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Monday, December 15, 2008

Industrial Production

Production by U.S. industries retreated in November, with a range of sectors suffering declines in output.

Industrial production decreased 0.6% compared with the month before, the Federal Reserve said Monday. Production rose an upwardly revised 1.5% in October; originally, October output was seen up 1.3%. September output was revised to a 4.1% decline as opposed to an earlier estimated 3.7% decline.

"The drop in output in September was revised down and the rebound in October was revised up, in large part because both the decrease due to the September hurricanes and the subsequent partial recovery in October were larger than previously reported," the Fed said. The storms, Gustav and Ike, disrupted oil and gas production in the Gulf of Mexico.