Hur­ri­cane Har­vey dam­age sends U.S. in­dus­trial pro­duc­tion down most in 8 years

Yuma Sun - - NEWS -

WASH­ING­TON — U.S. in­dus­trial out­put plunged 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 storm, which slammed into the Gulf Coast in Texas and Louisiana late last month, low­ered in­dus­trial pro­duc­tion by about 0.75 per­cent­age point, the Federal Re­serve said Fri­day. That sug­gests pro­duc­tion would have slipped with­out the storm.

The Gulf Coast is home to many of the na­tion’s oil re­fin­ers, and pe­tro­leum is a key com­po­nent in the man­u­fac­tur­ing of plas­tics and chem­i­cals.

Man­u­fac­tur­ing is up since last sum­mer as the dol­lar has fallen in value, which makes U.S. goods cheaper over­seas. Man­u­fac­tur­ing pro­duc­tion fell 0.3 per­cent last month, though the Fed said that with­out the hur­ri­cane, it would have in­creased 0.5 per­cent.

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