U.S. Industrial Production Percent 0.1 Percent Lower In October

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WASHINGTON (UPI) — Industrial production dropped 0.1 percent in October after posting a gain of 0.7 percent in September, the U.S. Federal Reserve said Friday.

Production at mines dropped 1.6 percent after six consecutive monthly increases and output at utility companies fell 1.1 percent, after a 4.5 percent surge in August the central bank said.

Manufacturing, the third component in the industrial production index, held its own, rising 0.3 percent in October for its third consecutive gain.

Total production in October was equal to its 2007 average and 3.2 percent above the level of October 2012, the Fed said.

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