Business News

U.S. Industrial Production Lept

The Labor Department said import prices rose 0.2% in October, less than expected. In the last 12 months import prices increased 2.5%. Imported petroleum increased 1.7%, imported capital goods prices rose 0.2% and imported food fell 0.2%. Export prices were unchanged last month. October as the biggest monthly increase in the price of agricultural exports in nearly 1-1/2 years. Export prices are up 2.7% year-over-year. (CNBC)

The Federal Reserve says U.S. industrial production leapt 0.9% in October. Manufacturing activity surged 1.3%. Mining activity slipped 1.3%. October hurricanes caused a decline in oil and gas drilling. Production at utilities rose 2%. Over the past year, industrial production has increased 2.9%. Over the past 12 months, manufacturers have added 156,000 jobs. That's the strongest annual growth since the middle of 2015.

The Georgia-Pacific Camas, Washington paper mill is eliminating 300 jobs. The mill opened in 1885 and employed about 2,400 workers in the 1980s. After the partial closure just 120 to 140 jobs will remain. (The Columbian)

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