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November 16, 2009

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Industrial production, consumer prices decline

Friday, Nov. 16, 2001 | 10 a.m.

WASHINGTON -- Industrial production plunged in October for the 13th month in a row, the longest string of declines in manufacturing activity since the Great Depression.

The Federal Reserve reported today that output at the nation's factories, utilities and mines plummeted by 1.1 percent last month, on top of a big 1 percent decline in September.

The 13-month stretch of declining activity marked the longest period of falling industrial output since a 15-month stretch that ended in July 1932.

The nation's manufacturing sector has been hardest hit by the more than yearlong economic slump and Sept. 11 terror attacks dealt the industry another severe blow.

In another report, consumer prices fell by 0.3 percent in October, reflecting a record drop in the price of natural gas and sharply lower costs for gasoline, the Labor Department said.

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