Industrial production fell a seasonally adjusted 0.1% in October, the second drop in the last three months, the Federal Reserve said Monday. The decline was unexpected. Economists polled by MarketWatch had expected a 0.2% rise. Another sign of softness came in a slight downward revision to September, to a 0.8% gain from the prior estimate of a 1.0% increase. In October, manufacturing output rose 0.2%, but mining output dropped 0.9% and utilities output fell 0.7%. Capacity utilization fell to 78.9%, below the 79.3% consensus.
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