US: Industrial production edged up 0.1% in October vs 0.2% expected
|"Industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere," the Board of Governors of the Federal Reserve System reported on Friday.
Key takeaways from the press release
- As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported initially.
- Hurricanes lowered the level of industrial production in both September and October, but their effects appear to be less than 0.1 percent per month.
- Capacity utilization for the industrial sector was 78.4 percent, a rate that is 1.4 percentage points below its long-run (1972–2017) average.
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