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- U.S. industrial output falls more than expected in October
U.S. industrial output falls more than expected in October
The Federal
Reserve reported on Friday that the U.S. industrial production fell 0.8 m-o-m
in October, following a revised 0.3 percent m-o-m decline in September
(originally a 0.4 percent m-o-m decrease). That marked the steepest contraction
in industrial output since May 2018.
Economists had
forecast industrial production would reduce by 0.4 percent m-o-m in October.
According to
the report, much of the October decline in industrial production was due to a 7.1
percent m-o-m tumble in the output of motor vehicles and parts that resulted
from a strike at General Motors (GM), U.S. major manufacturer of motor
vehicles. Excluding motor vehicles and parts, the overall index moved down 0.5
percent m-o-m, and the index for manufacturing edged down 0.1 percent m-o-m.
Meanwhile, mining production dropped 0.7 percent m-o-m, and utilities output decreased
2.6 percent m-o-m.
Capacity
utilization for the industrial sector decreased 0.8 percentage point m-o-m in October
to 76.7 percent. That was 0.4 percentage point below economists’ forecast and 3.1
percentage points below its long-run (1972-2018) average.
In y-o-y terms,
the industrial output dropped 1.1 percent in October, following an unrevised
0.1 percent fall in the prior month.
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