WASHINGTON — Industrial production and capacity utilization were unchanged in October, the Federal Reserve reported Tuesday.
Economists expected industrial production — a measure of output at factories, mines and utilities — to expand 0.3% after contracting 0.2% in September. They expected capacity utilization to rise to 74.9% from 74.8%. Capacity utilization, a measure of factory usage, has averaged 76.9% the past 10 years.
“Industrial production disappointed many by remaining unchanged in October after declining 0.2% in September,” Swonk said. “Much of that weakness, however, can be attributed to unseasonably warm fall weather and a drop in utility production. Manufacturing activity increased by 0.5% and was revised up for the previous month.