American Manufacturing Sector Graphic Concept. (Photo: AdobeStock)
Industrial production in the U.S. ticked up 0.1% in October as hurricane-impacted utility and mining sectors were outweighed by manufacturing output. In October, manufacturing output rose 0.3% for the fifth straight monthly gain, while the indexes for mining and for utilities fell 0.3% and 0.5%, respectively.
Capacity utilization for the industrial sector was 78.4%, a rate that is 1.4% below its long-run (1972–2017) average.
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Upward revisions to mining pushed the overall index to an annual rate of 4.7% in the third quarter (Q3), significantly higher than the initially reported 3.3% gain. Hurricanes hurt industrial production in both September and October, but appear to account for less than 0.1% each month.
At 109.1% of its 2012 average, total industrial production was 4.1% higher in October than it was a year earlier.
