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- U.S. industrial production unexpectedly declines in September
U.S. industrial production unexpectedly declines in September
The Federal
Reserve reported on Friday the U.S. industrial production fell 0.6 percent
m-o-m in September, following an unrevised 0.4 percent m-o-m advance in August. This was the first
monthly decline in industrial production after four consecutive months of gains.
Economists had
forecast industrial production would increase 0.5 percent m-o-m in September.
According to
the report, manufacturing output decreased 0.3 percent m-o-m in September and the
output of utilities fell 5.6 percent m-o-m. Meanwhile, mining production rose 1.7
percent m-o-m in September.
Capacity
utilization for the industrial sector decreased 0.5 percentage point m-o-m to
71.5 percent in September. That was 0.4 percentage points below economists’
forecast and 8.3 percentage points below its long-run (1972-2019) average.
In y-o-y terms,
the industrial output dropped 7.3 percent in September, following a revised 7.0
percent plunge in the prior month (originally a 7.7 percent decline).
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