WASHINGTON (MNI) - Industrial production rose 0.1% in September, as expected, with a 0.2% gain in manufacturing production and a 0.4% rise in mining production offsetting a 1.0% drop in utilities production, data released by the Federal Reserve Monday showed.
Even with downward revisions to total production in July and August, the headline measure managed a 1.8% SAAR pace of growth in the third quarter, the first quarterly increase since the same quarter a year earlier.
Alternatively, September production was down 1.0% from September 2015, but a huge 9.4% decline in mining production over the last year is mostly to blame. Utilities production fell 0.4% year/year, while manufacturing production was flat.
Within manufacturing, motor vehicle production rose 0.1%, while the other manufacturing components combined for a 0.2% gain, with increases generally widespread with declines in only a few components.
Bottom line, this was an as expected report that suggests some forward momentum for overall and manufacturing production, but still sluggish performance from the energy components.
