Nov 16, 2012 / 6:58 am
Superstorm Sandy depressed U.S. industrial output in October, while production of machinery and equipment declined sharply, reflecting a more cautious outlook among businesses.
The Federal Reserve says industrial output fell 0.4 per cent last month, after a 0.2 per cent gain in September. Excluding the storm's impact, production at the nation's factories, mines and utilities would have been up about 0.6 per cent.
Factory output, the most important component, fell 0.9 per cent. It would have been unchanged without the storm. Machinery production fell 1.9 per cent, while production of electrical equipment, appliances and components declined 1.4 per cent.
Manufacturing has weakened since spring, partly because companies have scaled back purchases of equipment and machinery. Many are worried about tax increases and federal spending cuts that take effect in January unless Congress reaches a budget deal.
Read more Business News
|QHR Technologies Inc||1.17||-0.02|
|Anavex Life Sciences||0.31||-0.005|
|Copper Mountain Mining||1.52||-0.06|
Big Picture Bank earnings and upbeat economic news highlight an active week In contrast with last week’s quieter, U.S. holiday-shortened week, the first week of December was a comparatively acti...
This column is the last of three, for how to prove your personal injury claim. It is the piece de resistance of the trilogy, the Chuck Norris piece – the final say! As mentioned in the first two...
The bank manager just phoned and asked for full and immediate repayment of the line of credit because the latest, (and they were late!), financial statements showed continuing losses and falling sales...
- Some Tim Hortons stores now accept payments by BlackBerry, iPhone, Android phone
- Ski-doo maker BRP sees profit climb 52 per cent in Q3, raises its forecast
- Kirkland Lake Gold reports loss of $3.9 million in second quarter
- Celebrity tutors thrive in Hong Kong's pressure cooker race for university admission
- Audit finds Google executives improperly saved millions on jet fuel
- Japan plans $53 billion stimulus to rev up faltering recovery, counter tax hike
- Japan plans $53 billion stimulus
- Report: Chinese girl fatally struck after Asiana plane crash was hit by 2 separate fire trucks
- Loonie advances for third consecutive day after falling to summer 2010 lows
- Federal Reserve tapering concerns send Toronto stock market tumbling 191 points
- 'Responsible' and 'strategic' most overused words in 2013 on LinkedIn profiles
- Most actively traded companies on the TSX, TSX Venture Exchange markets