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Recession Confirmed

9:59 AM MST | December 19, 2008 | Arnold Pearlman

Overall production in the industrial sector has been declining throughout the year and in October was 5.2% below year-ago levels, with durables down 6.8% and nondurables off 3.6%. Automotive production dropped 21% in October versus the prior year, and aerospace equipment output fell 16%. Chemicals production declined 6.4%, but petroleum refining output gained 0.4%. Capacity utilization has fallen in all major manufacturing industries. Overall manufacturing capacity rates were 73.8% in October, compared to 78.7% at the end of the first quarter. In chemicals...

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