2007

Industrial production decreased 0.5&nbsp ; percent in October after having increased 0.2 percent in September. Total industrial production in October was 1.8 percent above its year-earlier level.
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Output in the manufacturing sector fell 0.4&nbsp ; percent in October. The output of utilities dropped 1.6&nbsp ; percent, primarily because of a decline in gas utilities; the output at mines fell 0.6&nbsp ; percent, reversing September’s gain.
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Capacity utilization for total industry declined to 81.7 percent, a rate equal to its year-earlier level but 0.7 percentage point above its 1972-2006 average.

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The risk of recession is rising, thanks to the recent housing collapse and credit crunch, rising oil prices, slowing employment growth, and lack of consumer confidence, according to a new report.
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The Manufacturers Alliance/MAPI Quarterly Economic Forecast forecasts that inflation-adjusted GDP growth will slow to 2.1 percent in 2007 and to 1.3 percent in 2008. The U.S. economy in the past has experienced a recession from fewer shocks than we are now experiencing,” said Daniel J. Meckstroth, Manufacturers Alliance/MAPI chief economist.
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“By itself the housing collapse would probably not cause a recession, but when combined with a credit crunch, falling housing prices, record oil prices, falling corporate profits, low consumer confidence, and decelerating …