Posted on 09/14/2012 9:54:02 AM PDT by tcrlaf
Industrial production contracted at a greater than anticipated rate in August as Hurricane Isaac shut down mining and utility companies across the Gulf of Mexico, new data from the Federal Reserve shows.
Headline industrial production fell 1.2 percent in August, reversing the revised 0.5 percent gain in July. Economists were looking for no change in production.
The country's central bank attributed three tenths of a point of the fall to Hurricane Isaac, as oil rigs in the region closed before the storm entered the region.
"Precautionary shutdowns of oil and gas rigs in the Gulf of Mexico in advance of the hurricane contributed to a drop of 1.8 percent in the output of mines for August," the Fed said in its statement. "The output of utilities declined 3.6 percent."
Capacity utilization also fell during the period off a full percentage point to 78.2 percent.
Among durable goods production, the auto sector took the greatest hit — with manufacturing in the industry falling 4.7 percent.
(Excerpt) Read more at businessinsider.com ...
You'll not this was "Unanticipated!"? Why, it was UNEXPECTEDLY UNEXPECTED!!
Who the hell is still dumb enough/dishonest enough not to expect this under the Obama Idiocracy??
Hey, it’s Bush’s fault - or the weather’s fault - the the fate’s fault. Just NEVER Obama’s fault...
Ouch! That’s a big hit!
Isn’t if fitting that the oil wells that Obama despises and has fought against are now contributing to a decline in his chances for re-election?
Oh! come on, Obummer is not completely worthless: he can always serve as a pi*s poor example.
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