U.S. Industrial Production Tanks

U.S. Industrial Production fell in August by 1.2 percent from the previous month, as mines, manufacturers, and utilities got hammered by high unemployment and global uncertainty, according to figures released by the Fed on Friday. The drop was the biggest since March 2009, and given that heavy industry is often central to economic bounceback, the figures may spell bad news for President Obama’s prospects. Manufacturing was also hurt in the Gulf Coast region as Hurricane Isaac swept through.