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November 18, 2008
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Tuesday
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Ziqa'ad 19, 1429
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US industry rebounds
NEW YORK, Nov 17: The US industrial output rebounded in October after hurricane disruptions produced a stunning fall in September, but early data suggested manufacturing would suffer this month, according to reports on Monday.
US industrial production rose by a stronger-than-expected 1.3 per cent in October after a downwardly revised September drop of 3.7 per cent — the biggest fall in more than 62 years, according to a Federal Reserve report on Monday.
However, one of the earliest monthly guideposts to US factory conditions showed manufacturing in New York state tumbled in November to yet another record low, providing new evidence that the credit crisis was tightening its grip over the economy.
“The early signs suggest that the November data cycle is likely to be extremely weak,” analysts at RDQ economics said in a research note.—Reuters
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