WASHINGTON – Industrial production grew 0.7% in September, more than three times the median economist estimate, as output in the third quarter turned positive for the first time since the first quarter of 2008.
August’s industrial production was revised higher to a 1.2% increase from a 0.8% rise, which was initially reported.
Capacity utilization rose to 70.5% from an upwardly revised 69.9% in August. Capacity was initially reported as 69.0% for August.
Economists expected industrial production to rise 0.2% for the month and for capacity utilization to be 69.7%, according to the median estimate from Thomson Reuters.
Production of consumer goods advanced 1.1%. Total durable goods rose 3.5% aided by a 7.4% jump in auto production.
Manufacturing production increased 0.9% in September following an upwardly revised gain of 1.2% in August. The index for utilities slipped 0.7% mainly because of lower electricity output.
Industrial production grew 5.2% in the third quarter, the largest increase since the first quarter of 2005. Production fell 10.3% in the second quarter and dropped 19.0% in the first quarter of 2009.
