Factory output rises in October

Industrial production rebounded in October after refinery shutdowns from Gulf Coast hurricanes caused the biggest drop in September since 1946.

The 1.3% gain wasn’t enough to make up for the 3.7% September plunge, and output shrank by 0.7% in each of the last two months after excluding the effect of the hurricanes and a Boeing Co. strike, the Federal Reserve said. The New York Fed said its factory index fell to a record low.