US: Industrial Production contracts by 0.6% in September vs. +0.5% expected
|- Industrial Production in the US contracted in September.
- US Dollar Index trades with modest losses near 93.60.
Industrial Production in the United States contracted by 0.6% on a monthly basis in September, the US Federal Reserve reported on Friday. This reading missed the market expectation for an expansion of 0.5% by a wide margin.
Additional takeaways
"Although production has recovered more than half of its February to April decline, the September reading was still 7.1% below its pre-pandemic February level."
"Manufacturing output decreased 0.3% in September and was 6.4% below February's level."
"Capacity utilization for the industrial sector decreased 0.5 percentage point in September to 71.5%, a rate that is 8.3 percentage points below its long-run (1972–2019) average but 7.3 percentage points above its low in April."
Market reaction
The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.15% on a daily basis at 93.64.
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