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Section: Business News - U.S. industrial production plunged by 2.8 percent in September, the biggest drop since December 1974, the Federal Reserve said in a report Thursday (October 16, 2008).
The big drop in overall industrial production, an indicator of the output of mines, factories and utilities, was on top of a 1 percent decline in August and largely reflected the fallout from hurricanes Gustav and Ike.
According to the Federal Reserve, hurricane-related disruptions accounted for about 2.25 percentage points of the total drop in industrial production last month.
The U.S. central bank's report showed that the weakness last month was led by a 7.8 …