In contrast to the strong gain in overall business productivity, the manufacturing sector skidded lower in the second quarter of 2008. The decline was concentrated in production of durables goods, including the struggling automobile sector.
Manufacturing productivity plunged 2.2 percent during the second quarter—the biggest quarterly drop in 19 years—after increasing 3.3 percent in the first quarter.
Output by manufacturers fell 3.7 percent, its steepest fall since the final quarter of 2001 after terror attacks led to a steep pullback in production.
Source: Reuters
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