The Washington Post - - ECONOMY & BUSINESS -

U.S. industrial out­put dropped 0.9 per­cent in Au­gust, the most in eight years, mostly be­cause of Hur­ri­cane Har­vey’s dam­age to the oil re­fin­ing, plas­tics and chem­i­cals in­dus­tries, the Fed­eral Re­serve said Friday. The storm, which slammed into the Gulf Coast in Texas and Louisiana last month, low­ered industrial pro­duc­tion by about a 0.75 per­cent­age point. Still, au­tomak­ers and air­plane man­u­fac­tur­ers re­ported large in­creases in pro­duc­tion last month.

U.S. business in­creased its stock­piles in July, but at a slower pace than in June. Sales also rose by a small amount. The Com­merce Depart­ment said Friday that business in­ven­to­ries rose by a sea­son­ally ad­justed 0.2 per­cent in July, fol­low­ing June’s gain of 0.5 per­cent. Sales rose 0.2 per­cent in July. Women’s shoe re­tailer Aerosoles has filed for Chap­ter 11 bank­ruptcy pro­tec­tion. The com­pany had listed as­sets of $10 mil­lion to $50 mil­lion and li­a­bil­i­ties of $100 mil­lion to $500 mil­lion, ac­cord­ing to its bank­ruptcy court fil­ing. Aerosoles’s hold­ing com­pany, AGI HoldCo, said it would con­tinue to op­er­ate its busi­nesses as “debtors in pos­ses­sion.” The com­pany said it would sig­nif­i­cantly re­duce the num­ber of stores as part of the restruc­tur­ing.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.