Financial News: U.S. Industrial Production Dips In September Amid Boeing

U.S. Industrial Production Dips In September Amid Boeing Strike, Hurricanes

10/17/2024 - 10:19:00 (RTTNews)

(RTTNews) - A report released by the Federal Reserve on Thursday showed industrial production in the U.S. fell by slightly more than expected in the month of September.

The Fed said industrial production decreased by 0.3 percent in September after rising by a downwardly revised 0.3 percent in August.

Economists had expected industrial production to dip by 0.2 percent compared to the 0.8 percent increase originally reported for the previous month.

The slightly bigger than expected decline by industrial production partly reflected a strike at Boeing (BA) and the effects of Hurricanes Helene and Milton.

The report said manufacturing output fell by 0.4 percent in September following a 0.5 percent increase in August.

Mining output also slid by 0.6 percent in September after climbing by 0.7 percent in August, while utilities output increased by 0.7 percent in September after tumbling by 1.3 percent in August.

The Fed also said capacity utilization in the industrial sector slipped to 77.5 percent in September from a downwardly revised 77.8 percent in August.

Economists had expected capacity utilization to edge down to 77.8 percent from the 78.0 percent originally reported for the previous month.

Capacity utilization in the manufacturing and mining sectors fell to 76.7 percent and 88.7 percent, respectively, while capacity utilization in the utilities sector crept up to 71.2 percent.

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