U.S. industrial
production unexpectedly dropped in August, the first decrease this
year, as companies made fewer autos, appliances and home
electronics products.
Production at the nation’s factories, mines and utilities
fell 0.3 percent last month after rising a 0.4 percent in July,
twice the rate previously estimated, the Federal Reserve said. The
last time production declined was in December.
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“The U.S. economy is losing momentum,” said John Silvia,
chief economist at Wachovia Corp. in Charlotte. “Businesses are
finding out that there just isn’t any forward momentum in orders,
and that means the economy may be sloshing around for some time.”
Bloomberg News
