December U.S. factory work falls

U.S. industrial production plunged by double the amount analysts expected in December, capping the worst year for manufacturers since 2001. The Federal Reserve recently reported that production at the nation’s factories, mines and utilities fell by 2 percent last month. The dismal showing underscored the heavy toll the housing, credit and financial crises are taking on the nation’s manufacturers. Economists were forecasting a 1 percent drop. The drop came after a 1.3 percent decline in November, which was sharper than initially reported.