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Industrial Production Rose 0 7 in October
Industrial production rose by a strong 0.7% in October according to a Federal Reserve report released this morning. The growth follows a downward revision of September’s growth to -0.1% from 0.2%. October’s growth is well above the growth seen in recent months, excluding a 1.2% jump seen in July.
Manufacturing output rose by a solid 0.5% in October due primarily to a 3.1% growth in motor vehicle production. Excluding the auto sector manufacturing rose 0.3%, matching September’s growth.
A 2.3% increase in mining output contributed to overall industrial production growth in October. This follows a contraction of 0.5% in September. Utilities posted a 0.1% decline in October, not nearly as bad as the 2.0% decline reported in September.
Looking forward the solid increases in final sales and slower rate of inventory accumulation over the last quarter imply that manufacturing will remain strong through the rest of the year.
Read the report.
Industrial Production Rose 0 7 in October
Manufacturing output rose by a solid 0.5% in October due primarily to a 3.1% growth in motor vehicle production. Excluding the auto sector manufacturing rose 0.3%, matching September’s growth.
A 2.3% increase in mining output contributed to overall industrial production growth in October. This follows a contraction of 0.5% in September. Utilities posted a 0.1% decline in October, not nearly as bad as the 2.0% decline reported in September.
Looking forward the solid increases in final sales and slower rate of inventory accumulation over the last quarter imply that manufacturing will remain strong through the rest of the year.
Read the report.