U.S. industrial output fell in October for the 13th consecutive month, marking the longest string of declines since the Great Depression. In fact, October was its largest drop in those 13 months; 1.1%.

As U.S. manufacturing continues to fall deeper into a recession experts now believe will last at least through the second quarter of 2002, it did not even respond significantly to the U.S. Federal Reserve's latest rate cut.

Earlier this month, the Fed cut the key Fed Funds rate for the 10th time in 2002; it now rests at a 40-year low of only 2%.

Heavy manufacturing continued to be hard hit, as orders for durable goods (those expected to be in service for 3 years or more) fell 1.9% in October, equaling September's fall.