Drop in factory output points to further sag
Indications of a deepening US recession mounted as the government reported the output of factories fell 2.1 percent in November, the largest one-month decline since a 3 percent drop in May 1980.
Last month's was the fourth consecutive drop in industrial production, the Federal Reserve Board said. Since July, total production levels have fallen 4.8 percent.
The report provided further evidence that the current recession had not yet hit bottom.