Financial News: U.S. Industrial Production Falls 0.3% In October As

U.S. Industrial Production Falls 0.3% In October As Boeing Strike, Hurricanes Continue To Weigh

11/15/2024 - 10:58:00 (RTTNews)

(RTTNews) - With the effects of recent hurricanes and the since-resolved strike at Boeing (BA) continuing to weigh on growth, the Federal Reserve released a report on Friday showing U.S. industrial production decreased in line with economist estimates in the month of October.

The report said industrial production fell by 0.3 percent in October after sliding by a downwardly revised 0.5 percent in September.

Economists had expected industrial production to dip by 0.3 percent, matching the decline originally reported for the previous month.

The Fed said the Boeing strike held down industrial production growth by an estimated 0.2 percentage points in October, while Hurricane Milton and the lingering effects of Hurricane Helene together reduced growth by 0.1 percentage point.

The continued decrease by industrial production came as manufacturing output fell by 0.5 percent in October after slipping by 0.3 percent in September.

Meanwhile, mining output rose by 0.3 percent in October after tumbling by 1.9 percent in September and utilities output climbed by 0.7 percent in October after rising by 0.3 percent in September.

"The November reading of industrial production will get a boost from the resolution to the Boeing strike and fading hurricane effects," said Bernard Yaros, Lead U.S. Economist at Oxford Economics. "However, motor vehicle and parts production was noticeably weak and is unlikely to bounce back soon."

The report also said capacity utilization in the industrial sector dipped to 77.1 percent in October from a downwardly revised 77.4 percent in September.

Economists had expected capacity utilization to decrease to 77.2 percent from the 77.5 percent originally reported for the previous month.

Capacity utilization in the manufacturing sector fell to 76.2 percent, while capacity utilization in the mining and utilities sectors rose to 88.7 percent and 71.4 percent, respectively.

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