Katrina Halved U.S. Industrial Production
Posted on: Wednesday, 14 September 2005, 12:00 CDT
Hurricane Katrina sliced in half what economists had been expected U.S. industrial production last month to be, the Federal Reserve said Wednesday.
Although not the 0.2 percent increase expected, August's industrial production was 3.1 percent above its year-earlier level.
While manufacturing output increased 0.3 percent in August, production was off in mines, which includes crude oil and natural gas output, and utilities.
Hurricane Katrina severely curtailed output in the Gulf Coast region at the end of August; hurricane-related production declines were most evident in oil and gas extraction, industrial chemicals manufacturing and petroleum refining, the Fed said in a statement.
Overall, the rate of change in total industrial production in August was reduced by an estimated 0.3 percentage point because of disruptions related to the hurricane. Capacity utilization for all U.S. industry was 79.8 percent, a rate that is 1.5 percentage points above its year-earlier level but 1.2 percentage points below its 1972-2004 average.
Source: United Press International
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