ALSO IN 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.