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Production of farm equipment falls

Friday, October 16, 2009

Farm equipment production fell in September.
Farm equipment production fell in September.

Industrial equipment, which includes farm equipment, saw a decline in output during September, the Federal Reserve reported.

Output for industrial equipment dropped by 0.6 percent during the month. However, the overall output of business equipment, which farm equipment is a part of, went up by 0.1 percent for September. When compared to September of 2008, the output of business equipment is down by 8 percent.

Construction supplies also saw a drop during the month, falling 0.4 percent. When compared to the September of 2008, construction supplies have fallen by 16.7 percent.

However, overall industrial production in the country went up by 0.7 percent in September after seeing an adjust gain of 1.2 percent in August. When compared to September of 2008, industrial production is down by 6.1 percent.

"The sharp rise in third-quarter industrial production is not sustainable," Nariman Behravesh, chief economist at IHS Global Insight, told the Associated Press. "Nevertheless, there are clear signs of a broad-based recovery in most ... sectors."

Along with the production of farm equipment falling, purchases of tractors dropped in September. According to the Association of Equipment Manufacturers, tractor sales were down by 24.3 percent when compared to September of 2008. On a year-to-date basis, tractor sales fell by 22 percent.
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