US: Industrial production contracted by 0.4% in September
According to the monthly Industrial Production and Capacity Utilization report published by the Federal Reserve, industrial production in the United States contracted by 0.4% on a monthly basis in September following August's expansion of 0.8% and came in worse than the market expectation of -0.1%.
"For the third quarter, industrial production rose at an annual rate of 1.2% following declines of about 2% in both the first and the second quarters," the Fed noted in its publication. "Manufacturing production decreased 0.5% in September, with output reduced by a strike at a major manufacturer of motor vehicles."
Finally, the capacity utilization edged lower to 77.5% in the same period from 77.9% in August.
The Greenback continues to have a tough time recovering its daily losses against its major rivals after this data. As of writing, the US Dollar Index was down 0.32% on the day at 97.70.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
