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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (55322)	11/10/2001 2:46:23 AM
From: StanX Long	Read Replies (1) of 70976

WIRE: 11/09/2001 7:49 pm ET Wholesale Prices Take Record Plunge abcnews.go.com By Glenn Somerville WASHINGTON (Reuters) - U.S. wholesale prices took their sharpest tumble on record during October as energy costs fell by the largest amount since 1989 and carmakers turned to cut-rate financing to lure buyers, a government report on Friday showed. The Labor Department's Producer Price Index, which measures costs at the factory and farm gate, plunged 1.6 percent -- the biggest drop since records were started in 1947. The October decline was about four times larger than forecast and more than reversed back-to-back gains of 0.4 percent registered in August and September. A weakening global economy and a bid by carmakers to clear out inventories by offering price and financing incentives both played a role in driving prices down.

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