November 20, 2009
Following three consecutive strong monthly gains, manufacturing production edged down 0.1 percent in October, with 11 of the major 19 manufacturing industries posting declines in output last month. The first glimpse of manufacturing activity in November appeared in this Monday's report by the New York Federal Reserve, which showed that general business conditions, while still growing, moderated this month. The slowdown was driven by drops in shipments, new orders and employment. Collectively, these reports signal that the economy will likely decelerate in the fourth quarter.
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