Economic Buzz: US Industrial Production Falls 0.1% In October

17 Nov 2022 , 08:21 AM

Reflecting a continued slump in utilities output, the Federal Reserve released a report on Wednesday unexpectedly showing a modest decrease in U.S. industrial production in the month of October. The Fed said industrial production edged down by 0.1 percent in October following a revised 0.1 percent uptick in September. The unexpected decrease in production came as utilities output tumbled by 1.5 percent in October after plunging by 1.7 percent in September. Mining output also fell by 0.4 percent in October after climbing by 0.7 percent in September, while manufacturing output crept up by 0.1 percent after rising by 0.2 percent in the previous month. The report also showed capacity utilization in the industrial sector slipped to 79.9 percent in October from a downwardly revised 80.1 percent in September. Capacity utilization in the manufacturing sector was unchanged at 79.5 percent, while capacity utilization in the mining and utilities sectors dipped to 88.4 percent and 72.1 percent, respectively.Powered by Commodity Insights