The string of monthly declines in industrial activity didn't last as long as the Federal Reserve previously thought, according to annual data revisions released today.
Earlier this month the Fed reported that industrial production fell for 13 months in a row, the longest stretch of declines since the Great Depression. But in its revisions, the Fed said the industrial activity actually rose one month by a tiny 0.1 per cent in July during that 13-month period.
The Fed had originally reported industrial production had declined by 0.1 per cent in July.
Excluding July, industrial production fell each month from October 2000 through October 2001.
For the first ten months of this year, industrial production declined at a rate of 5.6 per cent, rather than by a rate of 5.5 per cent as previously reported.
The revisions also show that industrial activity was weaker in 1999 and 2000 than previously thought.
Industrial production rose by 3.7 per cent in 1999, compared with 4.2 per cent originally reported. In 2000, industrial activity increased by 4.5 per cent, compared with the original estimate of 5.6 per cent.
AP