U.S. Industrial Production Rebounds Slightly More Than Expected
October 17 2017 - 5:27AM
RTTF2
After reporting a notable decrease in U.S. industrial production
in the previous month, the Federal Reserve released a report on
Tuesday showing production rebounded by slightly more than expected
in the month of September.
The report said production rose by 0.3 percent in September
after sliding by 0.7 percent in August. Economists had expected
production to edge up by 0.2 percent compared to the 0.9 percent
drop originally reported for the previous month.
The Fed said the continued effects of Hurricane Harvey and, to a
lesser degree, the effects of Hurricane Irma held down production
growth by a quarter of a percentage point in September.
The bigger than expected increase in production was partly due
to a significant rebound in utilities output, which surged up by
1.5 percent in September after plunging by 4.9 percent in
August.
Mining output also climbed by 0.4 percent in September after
slipping by 0.2 percent in August, while manufacturing output
inched up by 0.1 percent following a 0.2 percent dip in the
previous month.
Industrial production in the third quarter as a whole fell by
1.5 percent, although the Fed said production would have risen by
at least 0.5 percent excluding the effects of the hurricanes.
The report also said capacity utilization for the industrial
sector edged up to 76.0 august in September from a revised 75.8
percent in August.
Capacity utilization in the manufacturing sector was unchanged
at 75.1 percent, while capacity utilization in the mining sector
inched up to 83.5 percent and capacity utilization in the utilities
sector rose to 74.8 percent.
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