Manufacturing Slump

Output in the manufacturing sector fell 0.3% in August, due mostly to large declines in computers, apparel, and petroleum refining. Chemical output was up 0.4%, however, after rising 0.9% the previous month. Capacity utilization in most industries is above the lowest points reached in the 2001-02 recession, but well below the highs attained in the mid-1990’s. Shipments of industrial products dropped 1.6% in August, with both durables and nondurables down by equal amounts. The decline in shipments was widespread, with nearly every major industry experiencing...

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