No Improvement

After balancing the good news and the bad, CPA Administrator John D. Small this week found little to cheer about in U.S. industrial production in September. His discouraging conclusions: 1) September production was no higher than August; 2) there will be no important increases in production for the rest of this year.

For Houses. Lumber production for September was three billion board feet, 14% less than in August. A decline in production of other much-needed housing materials—brick & tile, plumbing fixtures, gypsum board—was partially offset by an increase in production of hardwood flooring, cement, clay sewer pipe, cast-iron soil pipe,...

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