Industrial production surges on storm recovery
Industrial production grew 0.9% in October, the Federal Reserve reported Thursday.
The increase followed a revised 0.4% rise in September, first reported as a 0.3% gain.
Capacity utilization grew to 77.0% in October from September’s revised 76.4%, first reported as 76.0%.
Economists polled by IFR Markets projected a 0.5% increase for industrial production and a 76.3% capacity utilization rate.
Manufacturing output rose 1.3% in October, following a 0.4% gain in September.
Utilities’ output was up 2.0% after decreasing 1.0% in September, while mining was 1.3% lower after a 1.5% jump the month before.